S&P shifts Elis view to stable

S&P said it revised the outlook for Elis SA to stable and affirmed its BB ratings after its announcement on a waiver and reset.

Elis obtained a covenant waiver and reset with its U.S. private placement and bank lenders. Lenders waived the June 30 covenant test, while the Dec. 31, and June 30, 2021, net leverage levels have been increased to 4.75x and 4.5x, respectively, from 3.75x originally, the agency said.

“This headroom increase has caused us to revise our liquidity assessment from less than adequate to adequate and removes the downside pressure on the rating over the next 12 months,” S&P said in a press release.

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