S&P turns Altadia view to stable

S&P said it revising the outlook on LSFX Flavum Bidco SL, Altadia's intermediate parent company, to stable from negative and affirmed the B long-term rating on the company. The agency also affirmed the B issue credit rating on its term loan, including the planned €270 million add-on.

“We forecast FOCF in excess of €60 million in 2021-2022. In 2020, the company generated FOCF of about €55 million, supported by the company's strong performance, decreasing working capital and lower capital expenditure (capex) levels. In 2021, we anticipate that free cash flows will be slightly impaired by the replenishment of the working capital and integration costs associated with the acquisition of Rocher. In the medium term, we forecast that FOCF will exceed €100 million,” S&P said in a press release.

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