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Fitch revises Clara.net trend to negative
Fitch Ratings said it revised Clara.net Holdings Ltd.'s outlook to negative from stable and affirmed its long-term issuer default rating at B+. The agency also affirmed the group's secured loan facilities’ BB- rating with an RR3 recovery rating.
“The revision of the outlook reflects Fitch's expectation of high leverage, EBITDA margin erosion and weak cash flow and interest coverage metrics. We expect EBITDA leverage to be 6.1x in the financial year ending June 2022 (FY22) and to remain above our downgrade thresholds until at least FY25. Deleveraging is expected to be delayed due to a debt-funded acquisition in the first quarter of FY23,” the agency said in a press release.
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