S&P revises Intermediate Capital view to stable

S&P said it revised the outlook for Intermediate Capital Group to stable from positive and affirmed the BBB- ratings on the company and its debt.

“The outlook revision to stable follows the now weakened macroeconomic environment as a result of the Covid-19 outbreak. This will probably result in lower earnings in the financial year (FY) 2021 (ending March 2021) relative to our initial projections,” S&P said.

“Consequently, we believe ICG will need more time than we initially projected to achieve S&P Global Ratings-adjusted EBITDA interest coverage above 6x and S&P Global Ratings-adjusted debt to EBITDA sustainably below 3x – our triggers for an upgrade,” the agency said.

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