S&P trims Odyssey Europe

S&P said it downgraded Odyssey Europe Holdco Sarl and its senior secured notes to CCC from CCC+.

“We see increasing refinancing risk and the possibility of a distressed restructuring due to repeated disruption from pandemic-related measures in the Baltics,” the agency said in a press release.

S&P noted the company and an ad hoc noteholder group are discussing financing options for the term notes.

“The group had S&P Global Ratings-adjusted debt to EBITDA above 20x in 2020, and we forecast leverage will remain similarly very high in 2021 and consistent with our view of an unsustainable capital structure under current conditions. Additionally, we forecast the group will generate somewhat negative FOCF, which was also the case for the first nine months of 2021,” S&P said.

The outlook is negative.

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