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S&P moves Liquid Tech view to positive
S&P said it revised its outlook for Liquid Tech Solutions Holdings LLC to positive from stable and affirmed its B- issuer rating.
Liquid Tech cut its S&P Global Ratings-adjusted leverage below 5x through revenue growth and improved profitability from the successful integration of recent acquisitions, the agency said.
“We forecast low-single-digit percent revenue growth in 2024. This comes from increases in volumes from recent acquisitions, which improved LTS' national service footprint and customer site growth. Favorable industry tailwinds combined with labor and pricing efficiencies enable the company to support the rising demand of fuel-delivery services. We expect the continued growth momentum to support earnings improvement and leverage reduction to low-4x in 2024 and 2025. However, volatility in fuel prices could weigh on our cash flow forecast,” S&P said in a press release.
S&P noted the improved outlook means it could upgrade the company’s ratings over the next 12 months if it can keep is leverage comfortably under 5x.
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