S&P revises Spie view to negative

S&P said it revised the outlook to negative from stable and affirmed the BB ratings on Spie SA and its senior debt.

Spie’s 2019 results were below the agency’s forecasts, S&P said.

“We expect a weaker performance in 2020 due to Covid-19 containment measures and the group's relatively high operating leverage, which should be somewhat mitigated by the critical nature of the group's services,” S&P said in a press release.

The agency forecasts Spie’s S&P Global adjusted leverage will increase to above 5x in 2020. “From 2021, we expect low-single-digit growth for Spie's sales given by an improved macroeconomic environment and its exposure to clients who will likely benefit from post-Covid-19 plans regarding an energy transition toward green sources,” S&P said in a press release.

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