S&P revises AI Avocado view to positive

S&P said it revised to positive from stable its outlook on AI Avocado Holding BV, the holding company of Unit4.

The agency also affirmed the B- long-term issuer credit rating and the B- issue rating on AI Avocado Holding's senior secured debt, comprising €730 million of term loans, a $30 million incremental facility and a €72 million revolving credit facility.

The recovery rating on all the senior secured facilities is 3, indicating an expectation of meaningful (50%-70%; rounded estimate 55%) recovery in the event of a payment default.

“The outlook revision reflects our expectation of meaningful improvement in Unit4's free cash flow generation and profitability, key constraints on the current rating,” S&P said in a news release.

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