S&P flips Areas view to positive

S&P said it revised its outlook for Pax Midco Spain (Areas) to positive from negative and affirmed the CCC+ ratings on the issuer and its bank loan borrowed by Financiere PAX SAS.

“We forecast normalizing operating performance over 2022-2024, supported by general recovery and continued tight cost management. In our base-case scenario, we forecast the group's top line to recover to about three-quarters of 2019 levels by end-2022, with a full recovery by 2024. Areas will benefit from its diversified business model in rail, road and air travel, translating in a stronger resilience of the company against other peers,” S&P said in a press release.

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