S&P puts Ventia on positive watch

S&P said it placed its BB ratings on Ventia Services Pty Ltd. and its first-lien debt on CreditWatch with positive implications.

“We placed Ventia on CreditWatch with positive implications following the company's proposed IPO and public listing which, in our view, should improve the group's creditworthiness in the near term. Following the completion of the listing, expected in late November 2021, we expect the company to utilize IPO proceeds to reduce debt and believe its commitment to a prudent financial policy will sustain sufficiently low leverage to support an investment-grade rating,” S&P said in a press release.

The agency said it forecasts the company's ratio of S&P Global Ratings adjusted debt to EBITDA to be about 2x or below over the next two years, supported by solid revenue and EBITDA growth.

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