S&P stabilizes Springer Nature view

S&P said it revised the outlook on Springer Nature AG & KGaA to stable from negative and affirmed the B+ ratings on the company and its senior debt.

“In 2020, Springer Nature's revenue, earnings, and cash flows were stronger than we had expected, despite the impact from the Covid-19 pandemic. The group's business model proved resilient, as most revenue comes from subscriptions, and management took efficient and timely actions to reduce operating costs, which supported profitability and cash flows,” S&P said in a press release.

The outlook reflects an expectation that over the next 12 months, Springer Nature's revenue will increase by 1.5%-2%, its EBITDA margin will remain above 30%, and its S&P Global Ratings-adjusted leverage will be about 8x, or about 5.5x excluding shareholder loans, the agency said.

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