S&P ups syncreon Intermediate

S&P said it upgraded syncreon Intermediate BV to B- from CCC+ and its first- and second-lien term loan facilities to B and B- from CCC and CCC-, respectively. The agency also revised the outlook to positive from stable.

“Despite a tough operating environment since the onset of the pandemic, syncreon has substantially improved its margin and credit metrics,” the agency said in a press release.

“We anticipate that the company will continue to generate solid free operating cash flow (FOCF) and maintain adequate liquidity over the coming years, even with some likely margin decline from the 14.9% peak during 2020, which was aided by cost management, fixed cost protection during lower volumes and government support throughout the pandemic,” S&P said.

The outlook reflects the view it could raise syncreon’s ratings within 12 months if its operating trends continue to support organic growth and solid margins while generating positive FOCF and adequate liquidity, S&P said.

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