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S&P hikes Elis to investment grade
S&P said it raised its ratings for Elis SA and its senior unsecured notes to BBB- from BB+.
We expect Elis' credit metrics to be well commensurate with a BBB- rating at year-end 2023. In the first nine months of 2023, Elis posted double-digit organic growth in nearly all its geographies, driven essentially by price increases, but also some commercial wins in the workwear segment, increasing small and midsize enterprise (SME) market penetration, and good activity in the hospitality sector, the agency said in a press release.
S&P said it projects S&P Global Ratings-adjusted EBITDA growth of about 16% in 2023, to 1.4 billion, and healthier FOCF after leases of about 260 million, after 230 million in 2022. This will drive the company's deleveraging to S&P Global Ratings-adjusted debt to EBITDA of 2.6x and FFO to debt of 32%-33% at year-end 2023.
The outlook is stable.
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