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S&P revises Synlab view to stable
S&P said it revised Synlab Bondco plcs outlook to stable from negative and affirmed its B+ issuer rating.
The company's preliminary 2020 results set the tone for continuing solid performance in 2021. Synlab has reported strong preliminary non-audited figures for 2020 that show an increase in sales of about 38% versus 2019 to about 2.6 billion (excluding the analytical and service segment) and about 679 million of Synlab-adjusted EBITDA. Most of this growth was supported by high demand for Covid-19 testing throughout 2020, S&P said in a press release.
The agency said it expects the prepayment of 543.5 million in borrowings under the 2017 term loan facility, coupled with stronger-than-expected results, will set Synlab on a deleveraging trajectory below 6x.
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