S&P affirms Amadeus IT

S&P said it affirmed its BBB long-term and A-2 short-term issuer credit ratings on Amadeus IT Group SA. The outlook remains positive.

S&P also affirmed its BBB issue ratings on the group's senior unsecured debt.

“The affirmation reflects that, although we expect Amadeus to temporarily experience weaker credit metrics pro forma its debt-funded acquisition of U.S.-based TravelClick, Inc. (B-/stable/--), we believe the company's pro forma business overall will strengthen,” S&P said in a news release.

“We also expect Amadeus will deleverage quickly to its stated financial policy of S&P Global Ratings-adjusted leverage of below 2x by year-end.”

On Sept. 18, Amadeus priced €1.5 billion of bonds in three €500 million tranches (3.5-, five- and eight-year maturities) to fund the TravelClick acquisition. The company expects to close the deal before the end of 2018, S&P noted.

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