S&P lifts Galderma

S&P said it raised its ratings on Galderma (Sunshine Luxembourg VII Sarl) and its $3.837 billion senior secured term loan B due in 2026 and the $500 million revolving credit facility to B from B-. The recovery ratings on the loans are unchanged at 3.

“The upgrade reflects a better performance–included in our revised base case–that will improve credit metrics. We now expect adjusted leverage of 7x-7.2x in 2023, declining to 6.4x-6.6x in 2024. This will be driven by strong earnings generation and a decline in adjusted debt of about $1 billion to about $5.3 billion over 2023-2024,” the agency said in a press release.

S&P said it now forecasts sales growth of 7%-8% in 2023 and 6%-7% in 2024 and projects S&P Global Ratings-adjusted EBITDA of $745 million-$755 million in 2023 and $815 million-$825 million in 2024.

The outlook is stable.

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