S&P shifts Q-Park outlook to stable

S&P said it changed its outlook for Q-Park Holding I BV to stable from negative and affirmed the BB- issuer and senior secured note ratings.

“The revision of the outlook to stable reflects our expectations that Q-Park's adjusted debt to EBITDA will improve and stabilize at about 8.5x-9.0x over 2023-2025, from 9.2x in 2022. We assume that Q-Park will continue to successfully execute its pricing management strategy, which propelled the company's 2022 earnings above our expectations, despite average like-for-like volumes remaining 10% below 2019 levels during the year.

The company achieved an average 7.4% price increase across its short-term parking portfolio in 2022, more than offsetting cost base inflation of 6.3%, and we assume further pricing efforts will continue to mitigate the effects of high inflation in the next 12-18 months,” S&P said in a press release.

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