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S&P gives IM Group B-
S&P said it assigned a B- issuer rating to IM Group SAS, the new holding company for Isabelle Mirant. IM Growth SAS merged into IM Group in June.
The agency withdrew IM Growth’s B- rating and negative outlook and affirmed the B-' issue rating on the €192 million senior secured notes due 2025.
“IM has increased its revenue and EBITDA base in first-half 2021, and we anticipate supportive consumer trends to continue in the next 12 months absent any pandemic-related setbacks.In first-half 2021, the company recorded year-on-year revenue growth of about 83%, which is also about 30% higher than in the same period in 2019,” S&P said in a press release.
The outlook is stable, reflecting the view that company can cut its debt-to-leverage ratio to 5x-5.5x in 2021 and 2022 from an estimated 8x-8.5x in 2020, the agency said.
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