S&P turns Marcolin view to stable

S&P said it revised Marcolin SpA’s outlook to stable from negative and affirmed the B- ratings on the company and its €350 million senior of secured notes due 2026.

“Marcolin's solid operating performance in 2021 accelerated deleveraging,” the agency said in a press release.

S&P said it estimates Marcolin's S&P Global Ratings-adjusted debt to EBITDA will retreat to the 8.5x-9x range in 2021, compared with the agency’s previous estimate of about 11x.

“We believe the company will continue its deleveraging trend from 2022, supported by EBITDA improvement, translating into leverage firmly below 8x,” the agency said.

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