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S&P ups Kiwi VFS SUB I
S&P said it upgraded Kiwi VFS SUB I Sarl to B+ from B on improved leverage.
“The upgrade reflects a sustained improvement in leverage due to a material increase in EBITDA in 2019. EBITDA growth has brought leverage to 4.6x in 2019 from 8x in 2017, despite debt-funded acquisitions of more than Swiss franc (CHF) 100 million in 2018. We expect S&P Global Ratings-adjusted leverage of 4x by year-end 2019 driven by increasing EBITDA,” said S&P in a press release.
The outlook is stable.
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