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S&P raises ASM Global
S&P said it raised ASM Global Parent Inc.’s issuer rating to B from B- and its first-lien credit facility rating to B+ from B. The 2 recovery rating is unchanged.
“The upgrade to B reflects our forecast that ASM will report net adjusted leverage of about 6.5x in 2022 and it will maintain leverage below our 7.5x downgrade threshold at the B rating level, incorporating a modest pullback in demand for live events, such as concerts and theater shows and reduced on site spending in 2023. We expect the number of events held at ASM Global's arenas, stadiums, and theaters (AST) will remain elevated compared with 2019 through 2023,” S&P said in a press release.
The agency said it forecasts total revenue growth of 5%-10% in 2023.
The outlook is stable.
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