S&P boosts Goldstory

S&P said it raised its ratings on Goldstory SAS (THOM Group) and its senior secured notes to B+ from B and its super-senior revolving credit facility to BB from BB-. The recovery ratings on the notes remain unchanged at 3, although the agency increased the recovery prospects to 60% from 55%, while the revolver recovery rating remains at 1 (95% recovery prospects).

“In the first half of fiscal year ending Sept. 30, 2023, Goldstory's operating performance continued the positive momentum that started in fiscal 2022, despite a difficult macroeconomic environment.

“The strong profitability and robust EBITDA growth underpin a structural improvement in credit metrics, with S&P Global Ratings-adjusted debt to EBITDA reducing sustainably to about 4x and sizable free operating cash flow (FOCF) after leases over our three-year forecast period, in line with our previous base-case assumptions,” S&P said in a press release.

The outlook is stable.

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