S&P upgrades Almaviva

S&P said it raised its ratings for Almaviva SpA and its senior secured notes to BB- from B+.

“Italian IT-services provider Almaviva continues to strengthen its credit metrics thanks to its strong performance across most segments, improved EBITDA margin, and prudent capital expenditure (capex) management. The company has secured a backlog of €2.5 billion in revenue, which is 3.5x the amount from its IT services and Almawave divisions over the 12 months ending June 30, 2022, providing a high visibility on revenue for the next couple of years,” S&P said in a press release.

The agency said it estimates Almaviva will generate annual revenue growth of 6%-10%, an increase in free operating cash flow to debt to above 15% and adjusted leverage declining toward 2.5x.

The outlook is stable.

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