S&P removes S4 from watch

S&P said it removed S4 Capital plc’s ratings from CreditWatch with negative implications, where they were placed on May 5, and affirmed its BB- ratings.

“The rating actions on S4 Capital follow our review of the group's audited accounts and its governance standards. Although the audit delay was unusual for a listed company of S4 Capital's size and scale, in our view, the findings by the auditors in the published annual report were not material for the group's credit metrics. As such, we have not materially changed our forecast for the group's earnings growth and leverage in 2022-2023,” the agency said in a press release.

The outlook is stable, reflecting an expectation that S4 Capital will keep increasing its EBITDA despite the deterioration in macroeconomic conditions, reduce leverage toward 3x, and improve its internal controls, risk management, and financial reporting.

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