S&P rates ADES International notes B+

S&P said it assigned a B+ issuer credit rating and B+ ratings to ADES International plc and its senior secured notes.

The outlook is stable.

ADES International, incorporated in the Dubai International Financial Centre and headquartered in Cairo, Egypt, has issued as planned its $325 million senior secured notes due 2024 with a coupon of 8 6/8%, S&P said.

The issuance has been completed in line with a base-case assumptions and rationale for the B+ preliminary ratings assigned to ADES on April 8, 2018, the agency said.

The stable outlook reflects an expectation that ADES will generate above average and relatively stable EBITDA margins exceeding 40%, supported by average utilization rates, S&P said.

The ratings are balanced by constrained free operating cash flow, the agency said.

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