S&P cuts Ventia Pty

S&P said it downgraded Ventia Pty Ltd. and its secured debt to BB from BB+. The recovery rating on the debt remains 4.

“We lowered the ratings on Ventia to reflect our assessment of the company’s increased financial risk appetite. We expect the company’s credit metrics to weaken following the debt-funded acquisition of Broadspectrum, with debt to EBITDA likely to initially increase to about 5x before deleveraging,” S&P said in a press release.

The outlook is stable.

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