S&P revises Vivo Energy view to positive

S&P said it revised its outlook on Vivo Energy Ltd. to positive from stable and affirmed the BB+ long-term issuer credit rating on the company and BB+ issue rating on the group's senior unsecured notes.

“The positive outlook reflects our view that the one-off effects on working capital in 2022 will unwind in the coming year, which, together with a more prudent financial policy, will improve credit metrics; and the acquisition of Engen will improve Vivo's competitive position,” S&P said in a news release.

Vivo Energy has signed a $700 million facility, split across a $400 million five-year term loan and a $300 million three-year revolving credit facility, which will refund debt that came due in May 2023.

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