S&P affirms Urenco

S&P said it affirmed its BBB+ long-term issuer credit rating and issue ratings on Urenco Ltd.

The outlook is stable.

The agency said the affirmation reflects a view that Urenco's ability to generate positive discretionary cash flow will enable it to reduce leverage further in the next few years.

Efforts to reduce leverage will be supported by the company's sizable backlog, although this is shrinking, S&P said.

“In our view, the reduction in leverage and building up of headroom is a positive rating factor in a tough uranium enrichment market,” the agency said in a news release.

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