S&P revises Nitrogenmuvek view to positive

S&P said it revised the outlook for Nitrogenmuvek to positive from stable and affirmed its B- ratings.

“Nitrogenmuvek delivered strong performance in 2019, when S&P Global Ratings-adjusted EBITDA almost tripled to HUF 17.8 billion (about €55 million), thanks to substantially lower natural gas prices,” S&P said in a press release.

“Following swift deleveraging to adjusted debt to EBITDA of 5x at year-end 2019 from more than 10x in 2018, we expect a further reduction to 3.8x-4.5x this year on the back of continuous positive free operating cash flow (FOCF),” the agency said.

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