S&P assigns B- to Cerved

S&P said it assigned Cerved Group SpA a B- issuer rating and affirmed the B- rating on its senior secured notes. The recovery remains 3. The outlook is stable.

Cerved Group completed a merger of its holding companies Castor SpA, Castor Bidco SpA, and Cerved Group SpA with Cerved Group as the sole surviving entity and issuer of the group's senior secured notes and revolving credit facility.

The group’s financial statements will be consolidated at Cerved.

“The stable outlook reflects our view that Cerved will generate positive FOCF of at least €20 million, and its S&P Global Ratings-adjusted EBITDA margin will gradually increase toward 43% over the next 12-18 months, while leverage will remain about 7.5x and FFO cash interest coverage 1.6x,” the agency said in a press release.

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