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Prospect News home > News index > List of issuers E > Headlines for Eurasian Resources Group (ERG) Sarl > News item |
S&P upgrades Eurasian Resources
S&P said it raised Eurasian Resources Group Sarl’s issuer rating to B from B-.
“ERG will sustainably maintain FFO to debt above 20% if it keeps debt at current levels. As expected, the group reduced its gross debt to $7.1 billion in 2021–our key debt metric since we don't net ERG's cash with debt. With the current asset setup, we believe the group's EBITDA should be about $2 billion through the cycle. Coupled with current debt levels, this should support debt to EBITDA of below 3.5x, which corresponds to FFO to debt of about 20% through the cycle,” S&P said in a press release.
The agency said it sees ERG’s EBITDA nearing $4.9 billion in 2022.
The outlook is stable.
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