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S&P changes Osmose outlook to stable
S&P said it revised its outlook for Osmose Utilities Services Inc. to stable from negative and affirmed the B ratings on the issuer and its first-lien term loan and revolver. The 3 (50%-70%; rounded estimate: 50%) recovery ratings on the loan are unchanged.
“Osmose demonstrated noteworthy progress in operating improvement in 2023, with its last-12-months S&P Global Ratings-adjusted EBITDA margin climbing to 22.8% in September 2023 from 19.5% in 2022. Its strategic pricing initiatives, heightened productivity, an enhanced supply chain environment, and stabilized costs contributed to this improvement,” S&P said in a statement.
The agency said it expects Osmose to bring its leverage under 6.5x from 6.9x in September and 8.3x in 2022.
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