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S&P ups Ritchie Bros. notes
S&P said it revised its outlook on Ritchie Bros. Auctioneers Inc. to positive from stable and affirmed the BB long-term issuer credit rating on the company.
S&P said it also raised the issue-level rating on the company's US$500 million unsecured notes to BB from BB- and revised the recovery rating on the debt to 4 from 5, due in part to the repayment of secured debt and the downsizing of the company’s revolver earlier this year.
The secured issue-level ratings on the company are unchanged.
“The positive outlook reflects the increased likelihood of an upgrade in the next 12 months if RBA can generate and sustain adjusted debt-to-EBITDA below 2x and adjusted discretionary cash flow-to-debt above 10%,” S&P said in a news release.
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