S&P revises Burford view to positive

S&P said it revised its outlook for Burford Capital Ltd. to positive from stable and affirmed the BB- issuer and senior unsecured note ratings.

“The outlook revision follows Burford's improving operating performance. For the first half of 2023, Burford reported consolidated investment realizations of $286 million, up 223% from $88 million in the first half of 2022. Consolidated capital provision income also grew by 191% to $512 million in the first half of 2023 from the same period last year, largely due to $277 million of unrealized gains on the Argentine oil and gas company YPF SA litigation. Excluding the impact from the YPF litigation, consolidated capital provision income still grew by 34% to $234 million,” S&P said in a press release.

The agency said it expects Burford to keep its debt to adjusted total equity of around 1x over the next 12 months.

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