Fitch revises Victoria view to stable

Fitch Ratings said it revised the outlook on Victoria plc’s long-term issuer default rating to stable from negative and affirmed the IDR at BB-. Fitch also affirmed the group’s senior secured notes at BB/RR2.

“The stable outlook is supported by the new preferred equity of £175 million. The proceeds can only be used to facilitate M&A activity. While Victoria is yet to make any acquisitions this financial year, we anticipate some M&A activity will resume in the second half of the financial year and FY22, resulting in improved margins and leverage metrics. The results of 1Q (April to June) further support this, with June’s revenue already trading on pre-pandemic levels,” Fitch said in a press release.

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