S&P revises Rubix view to stable

S&P said it revised Rubix Group’s outlook to stable from negative and affirmed the B- ratings on the company and its senior secured facilities. The recovery rating is unchanged.

“Rubix Group's operating performance continues to improve following relatively resilient 2020 results despite the pandemic. We expect the pan-European distributor of industrial supplies will experience a similarly encouraging 2021,” S&P said in a press release.

The agency said it sees revenues rising toward €2.6 billion in 2021, with S&P Global Ratings-adjusted EBITDA margins at around 7%-7.5% leading to leverage trending toward 9x-10x in 2021, and funds from operations (FFO) cash interest cover at or above 2x.

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