S&P alters Afflelou view to positive

S&P said it changed its outlook for Afflelou to positive from negative and affirmed its B- ratings on the company and its debt.

“Afflelou's fast recovery following Covid-19-related disruptions should yield a gradual improvement in credit metrics over 2021-2022. We anticipate S&P Global Ratings-adjusted EBITDA will exceed €90 million in fiscal 2021 before strengthening further to above €100 million in fiscal 2022,” the agency said in a press release.

The positive outlook also reflects S&P’s view that Afflelou’s adjusted leverage could return to 8x in the next 12 months.

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