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S&P boosts Rolls-Royce
S&P said it raised its ratings on Rolls-Royce plc and its senior unsecured debt to BB from BB-. The debt recovery rating remains 3.
“Rolls-Royce exhibited a strong operating and financial performance in 2022. The group improved its profitability, applied disposal proceeds to reduce debt, and its free operating cash flow (FOCF) turned materially positive. For 2023, we forecast S&P Global Ratings-adjusted EBITDA rising to more than 13%, and that the group will sustain FOCF of £700 million-£800 million.
“At the same time, we expect that Rolls-Royce's adjusted funds from operations (FFO) to debt will strengthen to more than 40% in 2023, from 33.5% in 2022, and that debt to EBITDA will be below 2x,” S&P said in a press release.
The outlook is positive.
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