S&P changes Logwin to positive

S&P said it revised its outlook on Logwin AG to positive from stable.

At the same time, the agency affirmed the BB long-term issuer credit rating on Logwin.

S&P said the revision follows Logwin's stronger financial performance thanks to reported lower-than-expected S&P-adjusted debt and demonstrated EBITDA resilience in 2017, trends that continued in first-quarter 2018, which fueled an improvement in credit measures.

Furthermore, Logwin established a consistent track record of conservative balance-sheet management, while using sustainably positive free operating cash flow to accumulate a cash balance of €128 million as of Dec. 31, 2017, which exceeded the company's adjusted debt of about €105 million as of the same date, the agency said.

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