S&P ends watch on Ritchie Bros.

S&P said it affirmed its ratings on Ritchie Bros. Auctioneers Inc. and removed them from CreditWatch with negative implications, where they were placed on Aug. 9.

“On April 29, 2022, RBA announced it had discontinued its planned acquisition of Euro Auctions Group. The original CreditWatch placement reflected our expectation of a material increase in RBA's leverage from the largely debt-financed transaction. However, the company has since redeemed the senior notes previously issued to fund the acquisition,” S&P said in a press release.

The outlook is stable. The agency said it expects RBA’s metrics to remain relatively stable through 2023, including adjusted debt to EBITDA of about 2x, with steady revenue growth and fairly consistent profitability.

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