S&P ups Minimax Viking

S&P said it raised its ratings for Minimax Viking GmbH and its senior secured debt to BB- from B+. The 3 recovery rating (60%) on the debt is unchanged.

“Following an already robust performance during the Covid-19 pandemic, Minimax's 2021 operating performance was stronger than expected, with revenue increasing by 10.3% to €1.85 billion and an S&P Global Ratings-adjusted EBITDA margin of 14.7%, up from 12.4% in 2020. This enabled the group to reduce its S&P Global Ratings-adjusted debt to EBITDA to 4.3x in 2021 from 5.5x in 2020. In addition, the company generated significant free operation cash flow of €120 million and increased its cash balances to €376 million at end-2021 from €280 million a year earlier,” the agency said in a press release.

S&P said it forecasts business expansion and an EBITDA margin of 13%-13.5% over the next 18 months that will support Minimax's solid performance.

The outlook is stable.

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