S&P shifts TMF Sapphire view to stable

S&P said it revised the outlook for TMF Sapphire Midco BV to stable from negative and affirmed the B- ratings on the company, financing subsidiary Sapphire Bidco BV, and the group’s senior secured first-lien debt. The agency also affirmed the CCC rating on the group’s second-lien term loan.

“TMF Group’s revenue growth outperformed our expectations in first-half 2020, reflecting the group’s resilience in the challenging operating environment resulting from the Covid-19 pandemic. Despite difficult market conditions in its key markets, in particular, in the Netherlands, TMF Group was able to increase revenue by 9% in first-half 2020, 6% organically,” S&P said in a press release.

The outlook reflects S&P’s forecast that TMF Group’s revenue and EBITDA will increase moderately despite tough market conditions, enabling the group to deleverage, generate positive FOCF, and maintain FFO cash interest coverage above 2x, the agency said.

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