S&P upgrades IM Group

S&P said it raised its ratings for IM Group SAS, the holding company for Isabel Marant, and its €186 million of senior secured notes to B from B-. The 3 recovery rating on the notes is unchanged, indicating 60% recovery prospects.

“Isabel Marant's leverage reduced significantly on the back of strong operating performance. Last year, the company continued to perform better than expected and successfully executed its strategy by strengthening its presence in the various geographies and channels, resulting in a sharp decrease in leverage to 4.7x compared with our estimated 8x-8.5x in 2020, which we now forecast to reach 4x by the end of 2022,” S&P said in a press release.

The agency noted it forecasts an 11%-13% sales increase over the next 12 months.

The outlook is stable.

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