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S&P ends watch on McLaren Group
S&P said it ended its CreditWatch with negative implications on McLaren Group Ltd., affirmed the CCC ratings on the company and its senior secured notes and assigned a negative outlook.
“FOCF is expected to remain deeply negative in 2023 and 2024 after negative £205 million in 2022 and negative £261 million in 2021. We forecast about negative £250 million in 2023, and more than negative £100 million in 2024. This continues to be driven by the group's low or negative reported EBITDA and high capital expenditure (capex), forecast at about £200 million in 2023, mostly capitalized research and developments (R&D) costs that are expected at about £180 million,” S&P said in a press release.
The agency said it expects the company will continue to receive ad-hoc financial support from its shareholders, including £85 million in July, leading it to believe McLaren can sidestep a default in the next three to six months.
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