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S&P turns Mytilineos view to positive
S&P said it changed Mytilineos SAs outlook to positive from stable and affirmed its BB rating.
On the back of the current market conditions and the company's progress with its ongoing projects, we have revised upward our EBITDA for 2022 to 500 million-550 million (from a previous projection of 340 million-360 million), with a further upside starting in 2023. In our view, once the markets stabilize and the execution risks subside, the company should be able to generate material cash flows and reduce its leverage, supporting a higher rating, S&P said in a press release.
The revised outlook indicates a possible upgrade in the coming 12 months as Mytilineos transitions to a much larger EBITDA base and lower leverage, the agency said.
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