S&P ups Flexitallic

S&P said it raised its ratings on FGI Acquisition Corp. (Flexitallic) and its senior secured first-lien facilities to B- from CCC+. The 3 recovery ratings on the $25 million revolver and $200 million term loan, indicating meaningful recovery (50%-70%; rounded estimate: 55%) in default, are unchanged.

“Despite macroeconomic uncertainty, Flexitallic has seen strong order growth and maintains a sizable backlog that provides a degree of predictability for the second half of 2022. Flexitallic's top line improved by 21.1% in the first quarter of 2022 from the same period last year. We expect revenue to increase in the mid- to high-single-digit-percent range in 2022 due to a continued recovery in Flexitallic's end markets, mainly with solid demand in the United States and United Kingdom, which led to record backlog for the company,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.