S&P lifts Lindblad view to stable

S&P said it revised the outlook on Lindblad Expeditions Holdings Inc. to stable from negative.

The agency also said it affirmed all of the company's ratings, including the BB- issuer credit rating.

The stable outlook reflects a forecast for good EBITDA growth to offset modest increases in debt balances for growth capital expenditures, S&P said.

The agency said it believes adjusted leverage will remain lower than the mid-3x range through 2020, providing sufficient cushion relative to the 4x downgrade threshold to withstand a modest level of EBITDA volatility.

The ratings reflect an expectation for good EBITDA growth through 2020, driven by capacity growth and continued modest growth in net yields, S&P said.

Those positive factors offset incremental debt for growth-related capital expenditure, the agency said. This is expected to translate into adjusted leverage of less than mid-3x range through 2020, S&P said.

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