S&P upgrades Horizon

S&P said it raised the long-term issuer credit ratings on Horizon Holdings I (Verallia) and Horizon Parent Holdings Sarl to B+ from B.

The agency also said it raised the ratings on Verallia's senior secured facilities to B+ from B, along with the issue ratings on the payment-in-kind toggle notes issued by Horizon Parent Holdings, to B- from CCC+.

The upgrades reflect a view of Verallia's business risk profile, which has strengthened over the last few years, S&P said.

The company has proven its ability to generate strong cash flows and has improved its profitability, the agency said.

Verallia's adjusted EBITDA margin grew to 22.0% in 2018 from 17.5% in 2016, thanks to the implementation of cost reductions and efficiency improvements, S&P said.

The stable outlook reflects an expectation that the ratings will be supported by sound operating performance and liquidity, S&P said, even though it views the financial policies of Verallia's shareholder as aggressive.

The upgrade reflects a view of Verallia's business risk profile, which is believed to have strengthened over the last few years, the agency said.

The company has proven its ability to generate strong cash flows and has improved its profitability, S&P said.

© 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.