Fitch gives S4 Capital BB, loan BB+

Fitch Ratings said it gave a BB rating to S4 Capital plc and expected BB+/RR2 ratings to its planned term loan.

“S4C's rating incorporates the company's well-defined digital strategy, which positions it as an industry disruptor with strong like-for-like growth, a record of expanding client relationships and a focus on the technology (tech) sector and other growth advertising categories,” the agency said in a press release.

Fitch noted S4C targets leverage of no more than 1.5x-2x. The company was established in 2018 and has completed 23 merger deals.

“Metrics are strong for the rating; rating upside is possible over the medium term as the company delivers scale, provided this is done with sound execution and financial discipline, although an upgrade is unlikely before performance history is more established,” Fitch said.

The outlook is stable.

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