S&P moves Bingo outlook to negative

S&P said it changed its outlook for Recycle And Resource Operations Pty Ltd. (Bingo Industries) to negative from stable and affirmed the B ratings on the issuer and its term loan facilities.

“The negative outlook reflects our view that building and construction sector woes are likely to constrain Bingo's operating performance and EBITDA margins. The company's leverage is likely to remain elevated such that S&P Global Ratings-adjusted debt to EBITDA will remain above 7x over the next two years,” the agency said in a press release.

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