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S&P boosts Weir to investment grade
S&P said it raised its ratings on Weir Group plc and its $800 million of sustainability-linked notes to BBB- from BB+.
“We expect industry conditions will remain supportive in 2023, translating into continued top-line growth and steadily improving profitability. In 2022 Weir's revenues grew by 27.8% to £2.47 billion, supported by strong performances in both its minerals and ESCO divisions, but particularly robust aftermarket sales. Weir saw record demand for spares and equipment in the minerals division, with high levels of mining activity supporting record annual aftermarket orders,” the agency said in a statement.
For 2023, S&P said it projects Weir’s margins will widen to 20%-20.5%, and toward 21% in 2024. In 2023, it expects growth in adjusted EBITDA to about £500 million-£525 million.
The outlook is stable.
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