S&P upgrades Rubix

S&P said it raised its ratings on Rubix Group Holdings Ltd. and its senior secured facilities to B from B-. The recovery rating remains unchanged at 3 (rounded estimate: 50%). The loans were borrowed by Rubix Group Finco Ltd. and Rubix Group Midco 3 Ltd.

“The upgrade reflects our expectation that credit metrics should improve throughout 2024 and into 2025, supported by higher margins as the actions taken through 2023 will likely propel profitability. We forecast adjusted margins will rise toward 11% in 2024 from 8.6% in 2023,” S&P said in a press release.

The agency said it also estimates will lower to 5x-5.5x in 2025. “Including all gross debt, we expect debt to EBITDA of around 6.8x in 2024 and 6.3x in 2025.”

The outlook is stable.

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