S&P alters Aenova view to stable

S&P said it changed Aenova Holding GmbH’s outlook to stable from positive and affirmed the B- ratings on the issuer and its senior secured loans. The recovery rating for the debt is unchanged at 3 (60%).

“Aenova's profit margins will be lower than expected in 2022, due to elevated raw material, packaging, and energy costs. We now estimate the adjusted EBITDA margin at about 12%-13% in 2022, some 200 basis points lower than our previous forecasts, on the back of sweeping input price inflation. The group's order book remains strong, thanks to its diverse portfolio of products and manufacturing capabilities, allowing it to benefit from a post-Covid return to more normal patterns of demand in many therapeutic areas (for example, anti-infectives),” the agency said in a press release.

S&P said it forecasts Aenova’s adjusted EBITDA margin will improve about 12.5%-13.5% in 2023 with adjusted debt to EBITDA declining to about 7x from about 8x in 2022.

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