Fitch revises Idemia outlook to stable

Fitch Ratings said it revised its outlook for Idemia Group SAS to stable from positive and affirmed its ratings, including its B+ senior secured ratings.

“The revision in outlook to stable follows Idemia's recently launched €250 million increase in its existing term loan B (TLB), which together with €100 million of available cash, will be used to fund a preferred equity repayment to its shareholders. The additional debt delays deleveraging, with debt service and cash flow metrics now adequately positioned at the B rating through to 2025. The rating gives the company flexibility to execute its growth strategy and/or accommodate additional shareholder distributions, which we would view as event risk,” Fitch said in a press release.

Pro forma for the add-on, Fitch said it estimates Idemia’s EBITDA leverage at around 4.7x in 2024 before it reduces mildly towards 4.6x in 2025.

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