S&P turns Financiere Top view to stable

S&P said it revised Financiere Top Mendel SAS’ outlook to stable from negative and affirmed the B ratings on the company and its senior secured facilities. Financiere is the holding company for Ceva.

“The group generated €64.6 million of FOCF in 2020. Historically, FOCF had been negative. We now forecast it will comfortably remain positive, supported by higher earnings and lower working capital requirements. In 2020, EBITDA reached €325.8 million, which is broadly in line with the company's expectations and above our previous forecasts,” S&P said in a press release.

The agency said it anticipates Ceva staying on a “trajectory of profitable growth.”

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