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Moody’s moves Aernnova view to stable
Moody’s Investors Service said it revised its outlook for Aernnova Aerospace Corp. SA and Aernnova Aerospace SAU to stable from negative and affirmed the B3 ratings on the companies and their backed senior secured bank credit facilities.
“The stable outlook reflects Moody's expectation that Aernnova will continue to restore its credit metrics owning to a positive earnings trajectory. There is a strong probability that this will result in a reduction of Moody's adjusted gross leverage to a range of 6x - 7x over the next 12-18 months,” the agency said in a press release.
Moody’s noted that Aernnova’s Moody's adjusted gross leverage topped 14x in the first quarter of 2023.
However, “Aernnova's successful involvement in the industry-wide production increase, coupled with cautious management of cost inflation, could exert upward pressure on its rating over the next 12-18 months. We expect the company revenue to grow by 12-14% in 2023 followed by another 8-10% increase in 2024 as Aernnova processes and delivers on its order backlog, which corresponds to roughly 4x expected sales in 2023,” Moody’s said.
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