S&P raises Ventia Services

S&P said it raised Ventia Services Group Ltd.’s issuer rating to BBB- from BB+ and removed the rating from CreditWatch where it had been placed with positive implications on Oct. 26.

Ventia completed its IPO. Ventia used about A$351 million of IPO proceeds, cash and new syndicated term loan facilities of about A$750 million to repay its A$1,385 million first-lien term loans.

“The debt paydown will reduce S&P Global Ratings-adjusted debt-to-EBITDA ratio to about 2x from above 4x. We also expect Ventia to manage its debt to EBITDA at or below 2x going forward,” S&P said in a press release.

The outlook is stable.

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