S&P revises A&V outlook to stable

S&P said it revised its outlook for A&V Holdings Holdco LLC (AVI-SPIL) to stable from negative. The agency also affirmed AVI-SPIL’s B issuer rating and the B+ rating on the company’s first-lien term loan. The loan’s 2 recovery rating is unchanged.

“Despite ongoing supply chain challenges, AVI-SPL continues to experience strong revenue and EBITDA growth. In the first quarter of 2023, revenue grew 19% due to growth in all the company's reporting segments from higher equipment receipts and higher number of working days. Solution revenue, which represents about 70% of the company's revenue, grew at 20% year-over-year to fuel the highest revenue quarter in the company's history,” the agency said in a press release.

S&P said it expects AVI-SPIL’s leverage and cash flow to continue improving and that over the next 12 months, leverage will fall under 5x while delivering more than $40 million of free cash flow.

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