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S&P pulls Rolls-Royce from watch
S&P said it affirmed Rolls-Royce plc’s BB- ratings and removed them from CreditWatch with negative implications. The outlook is stable.
“Good progress on restructuring and cost-cutting measures mean that Rolls-Royce has slowed the pace of cash burn, and we now forecast positive FCF on an annualized basis for 2022.In our view, Rolls-Royce is making progress in restructuring the business, lowering headcount by approximately 8,000 employees (the target is 9,000), cutting capital expenditure (capex) and consolidating production sites,” S&P said in a press release.
“Rolls-Royce's strategy to raise about £2 billion from disposals should bear fruit in 2022, and we expect that Rolls-Royce will use the proceeds at an appropriate point to reduce the debt it raised during the peak of the pandemic and deleverage,” the agency said.
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