S&P moves Melita view to positive

S&P said it changed its outlook for Melita Ltd. to positive from stable and affirmed its B ratings on the issuer and its €255 million, post the €20 million partial debt repayment, term loan and €20 million undrawn revolving credit facility.

“The positive outlook reflects our expectation of faster deleveraging prospects throughout 2023 and 2024 thanks to Melita's robust operating performance. The company's 2022 financial results indicated another year of strong performance across all business segments, improving EBITDA generation, and slightly better FOCF than we anticipated. Against this backdrop, the company voluntarily paid down €20 million of debt in 2022, leading to improvements in our adjusted leverage to 4.6x from 5.3x in 2021,” the agency said in a press release.

S&P said it now estimates Melita can deliver adjusted debt to EBITDA of 4.3x-4.5x in 2023-2024 compared to the previous forecasts of 4.8x-5.1x in 2022 and 4.6x-4.9x in 2023.

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