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S&P flips El Corte Ingles view to stable
S&P said it revised El Corte Ingles SA’s outlook to stable from negative and affirmed its BB+ issuer and BBB- senior unsecured notes ratings.
“We expect ECI to close fiscal 2021 with stronger credit metrics and solid cash flow compared with the already solid results in the six months to August 2021,” the agency said in a press release.
S&P said it forecasts fiscal year 2021 revenue of nearly €12 billion, versus €10.4 billion in fiscal 2020, and S&P Global ratings-adjusted EBITDA of €750 million-€800 million.
The agency said the outlook indicates ECI should be able to lower its leverage to 3x and deliver funds from operations to debt of about 25% over the next 12 months.
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