S&P affirms Enjoy

S&P said it affirmed its B issuer credit and debt ratings on Enjoy SA.

The outlook is stable, which reflects S&P’s expectation that Enjoy's increasing cash flows will lead to debt to EBITDA of 3.5x-4.5x, funds from operations (FFO) to debt of 12%-16% and EBITDA interest coverage of 2x-3x in the next few years, the agency said.

“The affirmation reflects our expectation of higher cash flows starting in 2019, compensating for the relatively weaker-than-expected 2018 results due to weak Uruguayan operations and one-time higher expenses related to the consultant firm Enjoy hired,” S&P said in a news release.

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