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S&P revises ProFrac outlook to stable
S&P said it revised its outlook for ProFrac Holdings LLC to stable from positive and affirmed all its ratings, including its B issuer credit rating.
“The stable outlook reflects our expectation that the demand for well completions will remain generally stable over the next 12 months while ProFrac continues to execute operating efficiency and cost-savings initiatives. We will also continue to monitor the company's refinancing efforts for its term loan facility, which matures in March 2025,” S&P said in a press release.
The agency said it projects ProFrac’s FFO to debt will climb to the high-60% range in 2024 from about 50% in 2023 and its debt to EBITDA will narrow to 1.2x from about 1.5x.
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