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S&P upgrades Alcon
S&P said it raised its ratings for Alcon Inc. and Alcon Finance Corp.’s senior unsecured notes to BBB+ from BBB.
“The upgrade reflects our view that Alcon has improved its margins and demonstrated stable FOCF generation over the four years since its spinoff from Novartis, and in a difficult macroeconomic environment. Since the spinoff, Alcon has delivered solid financial results, improving its adjusted margins to 22% in 2022 from 18% in 2018; displaying solid conversion of FOCF to EBITDA of 25% in 2022, up from 15% in 2019; and gravitating toward adjusted debt to EBITDA of 2x-2.5x,” S&P said in a press release.
Additionally, S&P said it forecasts Alcon to deliver free operating of cash flow of $800 million in 2024 and $1 billion in 2025.
The outlook is stable.
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