S&P gives Amplifon, notes BB+

S&P said it assigned BB+ ratings to Amplifon SpA and its proposed €300 million bond issuance with a recovery rating of 3.

“Our rating assessment reflects Amplifon's leading position in its key markets, its good profitability, cash flow conversion, and the positive underlying market trends,” said S&P in a press release. It generated revenue of about €1.4 billion and S&P Global Ratings-adjusted EBITDA of €317 million in 2018.

The outlook is stable, reflecting S&P’s view Amplifon will continue to benefit from its leading position in its core markets, and will generate adjusted margins of above 20%, reported free operating cash flow of €130 million-€150 million per year, and adjusted debt to EBITDA below 3x.

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