S&P cuts Leader Invest

S&P said it downgraded Leader Invest JSC to B- from B and removed it from CreditWatch with negative implications. S&P put Leader Invest’s rating on watch on April 21.

Leader Invest is a subsidiary of Etalon Group plc.

“We forecast that Etalon will demonstrate a more aggressive S&P Global Ratings-adjusted debt-to-EBITDA ratio of 8x-10x in 2020-2022 (debt to EBITDA was 7.1x at year-end 2019). Operating cash flows are likely to turn increasingly negative as homebuyers’ payments will be restricted in escrow accounts until project completion,” S&P said in a press release.

The outlook is stable.

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