S&P trims ACR I

S&P said it lowered its ratings for ACR I BV, the parent of AnQore BV, and its term loan to B- from B.

“We anticipate that AnQore's earnings will remain low in the fourth-quarter 2023 and first-half 2024, leading to elevated leverage. Market conditions have not recovered during the second half as initially expected, and we now forecast AnQore will report weaker-than-anticipated results for 2023. We, therefore, revised our base case and expect AnQore to report an EBITDA of only about €30 million this year, translating into S&P Global Ratings-adjusted debt to EBITDA of 11.5x-11.7x,” S&P said in a press release.

On the positive side, the agency said, “We expect that the company's EBITDA could recover to about €60 million next year, supported by sizable cost savings from the C3 pipeline. We, therefore, forecast adjusted leverage could decline to about 5.8x-6x in 2024 but remain above our previous expectations due to continued challenging market conditions, at least in the first half.”

The outlook is stable.

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