S&P lifts Cerelia

S&P said it raised its ratings for Cerelia Participation Holding SAS and its senior secured term loans to B from B-. The 3 recovery rating (50% prospects) on the senior debt is unchanged.

“Our upgrade reflects Cerelia's rapid deleveraging this fiscal year thanks to a larger-than-expected rebound in EBITDA. Cerelia reported revenue of €347 million for the first five months of fiscal 2024 (+12% versus last fiscal year). The revenue growth trajectory is above our previous base case, mostly stemming from high-volume growth in North America and most of European operations. Also, for the first five months of fiscal 2024, reported EBITDA reached €46 million, representing an 87% increase over fiscal 2023,” S&P said in a press release.

The agency said it forecasts Cerelia will generate €850 million-€870 million of revenue in fiscal 2024 with S&P Global Ratings-adjusted EBITDA of €100 million-€110 million, versus a previous projection of €90 million-€95 million. For fiscal 2025, S&P estimates revenue of €940 million-€960 million and S&P Global Ratings-adjusted EBITDA of €120 million-€130 million compared to its previous expectation of €100 million-€110 million.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.