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S&P: Azelis unchanged on add-on
S&P said it affirmed the B ratings on Akita MidCo Sarl and its first-lien debt.
Parent company Azelis is planning to fund about €110 million worth of bolt-on acquisitions via a €100 million add-on to its first-lien term loans.
S&P said it believes modest organic growth and contributions from acquired businesses should limit any leverage impact on the company this year.
The agency said it continues to forecast adjusted debt-to-EBITDA at about 7x with some improvement thereafter.
The stable outlook reflects an expectation that the group will generate positive free cash flow in the coming years, S&P said, and favorable interest coverage ratios higher than 2x.
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