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S&P ups Rolls-Royce to investment grade
S&P said it raised its ratings for Rolls-Royce plc and its senior unsecured notes to BBB- from BB+.
Rolls-Royce beat S&P’s 2023 forecast delivering S&P Global Ratings' adjusted free operating cash flow of around £1.5 billion.
“We anticipate the company's positive momentum will continue in 2024. Under our revised base-case scenario, we forecast growth of around 7%-10% to £17.6 billion - £18.2 billion. In addition, the company's S&P Global Ratings'-adjusted EBITDA rose to levels unmatched in recent years, and well above pre-pandemic levels, supported by better cost absorption and the absence of material quality issues.
“Overall, this results in our expectation that EBITDA margins will remain solid at about 16.7%-17.5% in 2024-2025, moderately improving from 16.5% in 2023, S&P said in a press release.
The outlook is positive.
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