S&P raises Hornbach Baumarkt

S&P said it raised its ratings on Hornbach Baumarkt AG and its senior unsecured debt to BB+ from BB, citing its better-than-expected results.

“Despite the disruption caused by government-ordered closures owing to the Covid-19 pandemic, the group has capitalized on high customer demand for DIY and construction and gardening products. Superior execution and product mix were behind Hornbach gaining share in all its markets and across all distribution channels,” the agency said in a press release.

In fiscal 2021, the company reported an adjusted EBITDA margin of 9.8%, the highest level since 2015, which S&P said is exceptionally high and unlikely to continue and will likely decrease in fiscal 2023.

The outlook is stable.

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