Fitch shifts AutoScout24 view to stable

Fitch Ratings said it revised its outlook for AutoScout 24 (Speedster Bidco GmbH) and affirmed its ratings, including its first- and second-lien term loans' senior secured ratings at B+ and CCC+ with recovery ratings of RR3 and RR6, respectively.

“The revision of the outlook to stable follows the new and used car market recovery leading to better visibility of AS24's EBITDA growth for 2023-2024, and an increased likelihood that the company will reduce leverage to below downgrade sensitivities over the next 12 to 18 months.

“The stable outlook also considers solid organic deleveraging capabilities, given strong free cash flow (FCF) generation, and the absence of near-term refinancing risks with long-dated debt maturities in 2027-2028,” Fitch said in a press release.

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