S&P ups Evoca view to stable

S&P said it revised its outlook on Evoca SpA to stable from negative and affirmed the B long-term issuer credit rating on the company.

S&P also affirmed its B+ issue rating on Evoca's super senior €40 million revolving credit facility. The recovery rating is unchanged at 2, indicating an expectation of substantial recovery (70%-90%; rounded estimate of 85%) in the event of default.

At the same time, S&P said it affirmed its B issue rating on Evoca's €410 million senior secured notes and revised the recovery rating to 3 from 4. This indicates an expectation of average recovery (50%-70%; rounded estimate: 50%).

Finally, the agency affirmed its CCC+ issue rating on the €100 million second-lien notes with the recovery rating unchanged at 6, reflecting S&P’s view of negligible recovery in the event of default.

“The outlook revision reflects our view that Evoca has efficiently integrated the three companies acquired during 2017. This is reflected in its positive operating performance in terms of revenue growth, profitability, and cash conversion,” S&P said in a news release.

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