Fitch boosts Almaviva

Fitch Ratings said it boosted its ratings for Almaviva SpA’s €350 million of 4 7/8% senior secured notes due 2026 to BB+/RR3 from BB/RR3 and its issuer default rating to BB from BB-.

“Fitch projects Almaviva's gross EBITDA leverage to show a significant decline to 2.5x at end-2023 from 3.3x at end-2021. We expect deleveraging to continue in line with management's intention to keep leverage at a minimum level. Deleveraging will be supported by growth in revenue and profitability and positive cash flow.

“On a net basis, we forecast EBITDA leverage at a comfortable 1.2x at end-2023 with significant cash on the balance sheet. This provides flexibility to finance bolt-on M&A and new projects including through working capital outflows that are often required under new contracts,” the agency said in a press release.

The outlook is stable.

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