S&P revises Marnix parent view to positive

S&P said it revised the outlook for Marnix French ParentCo, parent of Webhelp, to positive from stable.

“Webhelp generated solid organic growth in the first nine months of 2020, and we expect the group will sustain 8%-10% revenue growth in 2020 and 2021. Covid-19’s impact on revenue has been limited to volume reduction in some sectors, such as travel and leisure, while e-commerce and high technology clients strongly supported the group’s total revenue growth,” the agency said in a press release.

The outlook indicates S&P could raise the ratings in the next 12 months if Webhelp’s adjusted leverage falls sustainably below 5x and FFO to debt and improves above 12%, S&P said.

The agency affirmed the B ratings on Marnix French, Marinix SAS and its senior secured term loans. The recovery rating is 3.

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