S&P ups Nitrogenmuvek

S&P said it raised its ratings on Nitrogenmuvek and its senior unsecured bond to B from B-.

“We expect strong credit ratios in 2020, supported by favorable natural gas prices and higher volumes. Following swift deleveraging in 2019, with S&P Global Ratings-adjusted gross debt to EBITDA reaching 5x at year-end 2019 from more than 10x at year-end 2018, we expect a further reduction in leverage toward 3x this year,” the agency said in a press release.

The company’s adjusted EBITDA more than doubled to HUF 24 billion, from HUF 11 billion a year ago

The outlook is stable.

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