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Moody’s changes SIFL view to negative
Moody's Ratings said it affirmed Superannuation and Investments Finco Pty Ltd.’s (SIFL) Ba2 corporate family rating and Ba2 ratings to SIFL’s local and foreign currency senior secured bank credit facilities.
At the same time, Moody's changed the outlook to negative from stable.
“The outlook change to negative from stable reflects SIFL's low profitability and Moody's expectation that, over the next 12-18 months, its profitability may not improve to levels consistent with its current rating. High levels of indebtedness coupled with higher interest rates have led to a material increase in debt servicing costs. Excluding capital investment spending, group's pre-tax income margin was 4% in 2023,” Moody’s said in a news release.
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