S&P views Consolidated Energy positively

S&P said it changed its outlook for Consolidated Energy Ltd. to positive from stable and affirmed its BB- ratings.

S&P noted that in 2022, CEL’s stable production and high prices for methanol powered its healthy financial results.

“As a result, we estimate that the 2022 revenue rose to about $2.3 billion (a 30% increase from 2021), in line with our previous expectation, and adjusted EBITDA of about $970 million (up 51%), better than our previous projection,” the agency said in a statement.

The outlook mirrors a possible upgrade in the next six to 12 months if the leverage metric will remain in the 3x (or below) area, while the company maintains a prudent financial policy, S&P said.

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