Moody’s moves Investcorp view to stable

Moody’s Investors Service said it changed the outlook for Investcorp Holdings BSC, Investcorp Capital Ltd. and Investcorp SA to stable from negative and affirmed their ratings, including the Ba2 backed senior unsecured debt rating.

“The change of outlook on Investcorp group to stable from negative reflects Moody's view that the company's gross debt / adjusted EBITDA will remain moderate and contained while it continues to diversify its funding sources. Investcorp's gross debt / adjusted EBITDA reduced at FY21 to a historically low level of 4.7x (FY20: 9.6x) benefiting from a significant reduction in debt to $732 million (FY20: $981million) and increased profitability before inching lower to 4.4x in FY22 on the back of a further reduction in debt to $602 million,” the agency said in a press release.

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