S&P raises JSL ratings

S&P said it upgraded JSL SA’s ratings to BB- from B+ and its national scale issuer and issue ratings to brAA+ from brAA. The recovery rating on the senior unsecured debentures remains 3.

“JSL reported net revenue of Brazilian real (R$) 6 billion in 2022, up 40% compared with 2021, and almost doubled its size since the IPO in 2020, with greater diversification of clients and sectors served. Moreover, the company has a solid backlog and benefits from long-term contracts, leading to high cash flow predictability,” S&P said in a press release.

The agency said it forecasts JSL’s S&P Global Ratings-adjusted leverage to gradually decline, with debt to EBITDA close to 4x in 2023 and nearing 3.5x by 2024, even with higher debt levels to support expansion.

The outlook is stable.

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