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S&P turns Trade Me to stable
S&P said it changed the outlook for Trade Me Group to stable from negative and affirmed the B- issuer ratings on the company and its debt.
Trade Me reported credit metrics better than S&P forecasted. “The company’s fiscal 2020 S&P adjusted debt-to-EBITDA ratio was 8.5x, despite cash outflows during March and April 2020, compared to our previous expectations of above 12x. EBITDA interest cash coverage ratio was 1.9x, higher than our initial expectations of 1.5x,” S&P said in a press release.
The agency said it forecasts an adjusted debt-to-EBITDA ratio in the mid 8x range (inclusive of the company’s shareholder loan) with EBITDA interest cash coverage ratio above 2x over the next 12 months.
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