S&P upgrades Sitel Group

S&P said it raised the issuer credit rating on Sitel Group SA and the issue-level ratings on the company's senior secured debt to BB from BB- and removed all ratings from CreditWatch where S&P placed them with positive implications on June 22.

The outlook is stable.

Sitel and Majorel SA announced that they discontinued their proposed merger discussions.

“The stable outlook reflects our expectation for Sitel's leverage to remain in the 3.25x-3.75x range in 2022 and 2023 while the company gradually improves its EBITDA margin and generates healthy levels of free operating cash flow,” S&P said in a news release.

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