S&P alters Encore view to positive

S&P said it revised its outlook for Encore (AVSC Holding Corp.) to positive from stable and affirmed the CCC+ rating on the company and its first-lien senior secured credit facilities. The agency also affirmed the CCC- rating on Encore’s second-lien debt.

“The positive outlook reflects the possibility of an upgrade in the next year if AVSC's EBITDA, FOCF, and credit metrics continue to improve, and it successfully refinances its near-term debt. AVSC has outperformed our 2022 forecast as the live events industry has held up well this year despite a soft macroeconomic environment. Revenue for the first half of 2023 was up 22.7% compared to 2022, reflecting strong growth of close to 70% in the first quarter offset by a 3.3% revenue decline in the second quarter primarily reflecting softness in the U.S.,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.