S&P boosts Ammega Group

S&P said it raised its ratings on Ammega Group BV and its first-lien debt to B from B-. The 3 recovery rating on the debt is unchanged.

Strong operating performance with top line growth and improved profitability have boosted credit metrics. The upgrade is based on our expectation that Ammega will be able to deleverage to S&P Global Ratings-adjusted gross debt to EBITDA of about 6.5x in 2023 and to about 6x-6.5x in 2024. We also anticipate that the company will maintain FFO cash interest of about 2.7x-2.9x in 2023-2024, while generating positive FOCF. We project margins of 18%-18.5% in 2023 and 18.5%-19.5% in 2024 on an S&P Global Ratings-adjusted basis (17.7% for 2022, 130 basis points lower year-on-year),” S&P said in a press release.

The outlook is stable.

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