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S&P views Franklin Ireland negatively
S&P said it changed its outlook for Franklin Ireland Topco Ltd., the parent of Planet, to negative from stable and affirmed the B- ratings on the group and its senior secured debt.
“The outlook revision to negative reflects Planet's persisting very high leverage and negative FOCF, alongside our view that its liquidity could weaken in 2024 if a recovery in earnings is delayed. Planet's operating performance, credit metrics, and cash flow generation have not picked up as strongly as we had anticipated. The weaker recovery than expected stems from the delayed pick-up in international travel to and from China, somewhat slower ramp-up in revenue from the payments segment, and increased integration and exceptional costs,” S&P said in a press release.
The agency said it estimates the group's adjusted EBITDA will only reach €50 million, falling well below previous expectations and resulting in leverage in the 12x-14x range in 2023.
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