S&P ends watch on IGD

S&P said it affirmed IGD Siiq SpA’s BB+ issuer rating and removed the rating from CreditWatch where it was placed with negative implications on April 27. The outlook is negative.

On May 9, the issuer reported it secured a €250 million green secured facility agreement, which would cover the company's refinancing needs over the 12 months starting April 1, 2023.

However, “Our negative outlook reflects our view that IGD´s refinancing needs remain significant beyond our 12-month horizon. In November 2024, the company's €400 million bond will mature. Our liquidity calculation over the next 12 months would include this debt maturity starting from the end of 2023. If the company does not manage to secure sufficient funding to meet this sizable debt maturity in a timely manner, its liquidity profile could fall short, which would likely lead to a rating downgrade by at least one notch,” S&P warned in a press release.

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