Moody’s changes Evoca to stable

Moody's Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating of Evoca SpA.

Concurrently, the agency affirmed the B2 instrument rating assigned to the company's €410 million first-lien senior secured notes.

The outlook was changed to stable from negative.

Moody’s said the ratings balance the company's strong operating profile evidenced by its very high profitability and its ability to generate good cash flows and improved business profile following the acquisition of Saeco Vending and two smaller activities during 2017 with high, and increased, leverage and still small operations in a fairly mature market.

The stable outlook reflects the agency’s expectation that in the next 12 months Evoca will be able to reduce leverage below 6 times debt/EBITDA and to achieve a Moody's adjusted EBITA margin in the high teen percentage range, while generating positive free cash flow.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.