S&P cuts Sapphire Midco

S&P said it downgraded Sapphire Midco BV and its financing unit Sapphire Bidco BV to B- from B, citing year-to-date trading that’s been worse than the agency had forecasted. Sapphire is the parent company of TMF Group.

“The downgrade reflects TMF Group’s trading performance year-to-date, which has been weaker than our previous base-case forecasts, and our downward revision of our expectations for 2020. We now forecast materially weaker credit metrics for the group on an ongoing basis,” said S&P in a press release.

S&P forecasts continued negative free operating cash flow in 2019 and 2020.

The outlook is negative.

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