S&P raises Bilfinger

S&P said it upgraded Bilfinger SE and its issue ratings to BB from BB-, citing improved liquidity and an expected economic recovery. The recovery rating remains unchanged at 3 (rounded estimate of 65% recovery).

Bilfinger collected €458 million in cash from the sale of Apleona. “We expect Bilfinger will use the €458 million proceeds from the Apleona sale to strengthen its business portfolio to improve market position, scale, and profitability,” the agency said in a press release.

“Further, we expect Bilfinger SE's revenue and EBITDA margin to recover on the back of a sound economic environment and implemented cost measures. We now expect revenue to increase by about 10% and the S&P Global Ratings-adjusted EBITDA margin to rise to 4%-4.5% in 2021,” S&P said.

The outlook is stable.

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