S&P revises Optimus outlook to stable

S&P said it changed the outlook for Optimus Bidco SA to stable from positive and affirmed the B- ratings on the company and its first-lien debt. The recovery rating on the debt remains 3.

“A decline in demand for Optimus' racking business and the ongoing ramp-up of the Movu automation division constrained the company's operating performance in 2023 and will delay deleveraging in the first half of 2024. Our downward revision of the outlook to stable from positive indicates our expectation that Optimus has not achieved an adjusted debt to EBITDA of below 6.5x in 2023 and that it will not achieve an adjusted debt to EBITDA of below 6.5x in 2024 either.

“We expect the company's revenue growth has been notably softer at about 1%-3% in 2023, compared with our previous expectation of about 15%,” S&P said in a press release.

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