S&P upgrades Ventia Services

S&P said it raised its rating for Ventia Services Group Ltd. to BBB from BBB-.

“Ventia's sustained strong performance has solidified its market position as a leading service provider in the Australian and New Zealand operation and maintenance sector. In addition, the company has been expanding services with new contracts in the defense, space, and energy solutions areas for its telecommunications division. Its incumbent position, contract renewal rates of about 90%, coupled with strategic growth initiatives have enhanced its prospects of securing new contracts in its target markets,” S&P said in a press release.

The agency said it expects Ventia to maintain adjusted leverage under 2x.

The outlook is stable.

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