S&P trims Almaviva

S&P said it lowered the issuer credit rating on Almaviva to B from B+.

“We lowered the rating because of the unexpected setback to Almaviva Contact’s domestic CRM business. EBITDA from this segment is now forecast to be negative €11 million-€12 million, even lower than we previously forecast (negative €4 million-€5 million). As a result, S&P Global Ratings-adjusted leverage is unlikely to reduce below 5.0x in 2019, as we previously expected,” said the agency in a news release.

The outlook is stable.

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