Fitch upgrades Emeco

Fitch Ratings said it upgraded Emeco Holdings Ltd.'s long-term issuer default rating to B+ from B. The outlook is stable.

“The upgrade reflects Fitch's view that Emeco's business profile has improved following its acquisition of Pit N Portal Group Ltd. and its successful integration of Force Equipment Pty Ltd. and Matilda Equipment. The upgrade also captures the company's improving credit metrics as the growth and diversity of its earnings have been predominantly funded with equity,” Fitch said in a press release.

Fitch does not expect the company to have large capital expenditure requirements and forecasts Emeco will generate positive free cash flow over the next two-three years.

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