S&P alters Spie outlook to stable

S&P said it revised its outlook for Spie SA to stable from negative and affirmed the BB ratings on the company and its senior unsecured debt. The recovery rating on the debt remains unchanged at 3 (50%).

“Spie deleveraged significantly more than we expected in 2021, thanks to a solid operational performance. Spie's operating performance recovered markedly in 2021, after being hit by Covid-19-related lockdowns during the first wave of the pandemic from March to May 2021. Sales growth of 5.1% was mostly driven by France, which, of all the countries in Europe, the pandemic affected most severely in 2020. This growth more than compensated for the sales decrease in northwest Europe, which suffered from lower demand from data center clients in the U.K. and delayed projects in the Netherlands,” S&P said in a press release.

The agency said it forecasts sales will grow by 2%-3% on an organic basis in 2022.

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