S&P upgrades Fluidra

S&P said it upgraded its ratings for Fluidra SA and its senior debt instruments to BB+ from BB.

“Solid demand in the residential pool segment in 2021 should continue to benefit operating performance. In 2020, Fluidra reported €1.488 billion of sales, 8.8% growth versus 2019 (about €1.51 billion in revenue, including income from rendered services) on a reported basis. Residential pool equipment accounted for 72% of Fluidra's sales in 2020, although we estimate exposure to the residential sector was about 85% including fluid handling and pool water treatment,” S&P said in a press release.

The agency said it projects Fluidra's S&P Global Ratings-adjusted debt to EBITDA to be about 2.2x at year-end 2020 and sees the company maintaining it comfortably at about 2x-3x while pursuing selective small-to-midsize acquisitions.

The outlook is stable.

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