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S&P downgrades Ammega
S&P said it downgraded its ratings on Ammega Group BV and its term loan B to B- from B.
“Due to the coronavirus pandemic and resulting expectation of global recession across industries, we no longer think that Ammega Group BV will be able to improve its S&P Global Ratings-adjusted gross debt to EBITDA to about 6.5x in 2020. This level of leverage was necessary for maintaining the previous ratings following the €150 million term loan B add-on,” said S&P in a press release.
“We still expect that Ammega will deleverage in 2020, but at a slower pace, on the back of sustainably positive free operating cash flow (FOCF),” S&P said.
The outlook is stable.
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