S&P hikes Internova

S&P said it raised its ratings for Travel Leaders Group (Internova) and its senior secured credit facility to CCC+ from CCC.

“The upgrade to CCC+ reflects Internova's improving revenue, EBITDA, and cash flows and its adequate liquidity. Internova reported that its first quarter 2022 revenue improved to about 70% of 2019 levels. Hotel commissions have recovered fastest as a percentage of 2019 levels, followed by air, cruise and tour commissions. As group and business transient travel continue to recover in 2022, and if reduced travel restrictions enable broader international leisure travel, we expect that Internova's total revenue in 2022 could improve to about 80% of 2019,” S&P said in a press release.

The agency said it Internova's EBITDA margin could climb to the high-single-digit percent area in 2022 from negative in 2021.

The outlook is stable.

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