S&P ups Holcim

S&P said it upgraded its ratings for Holcim Ltd. and its senior unsecured debt to BBB+ from BBB.

“Holcim's adjusted FFO-to-debt ratio stood at 44.3% at year-end 2021, consistently above the 30% threshold for a BBB+ rating. The company delivered solid operating performance in 2021, with like-for-like revenue growth of 11.3%, thanks to a volume increase of 5.1% and price increases of 5.2%,” S&P noted in a press release.

The agency said it projects Holcim will deliver adjusted EBITDA of CHF 6.5 billion–CHF 6.7 billion this year, from about CHF 6.6 billion in 2021.

S&P also estimates the company will report positive free operating cash flow of about CHF 3 billion.

The outlook is stable.

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