S&P turns Gerflor outlook to stable

S&P said it revised the outlook for Hestiafloor 2 (Gerflor) to stable from negative and affirmed the its B ratings on the company and its debt.

“We expect Gerflor to recover most of its business activity in 2021-2022. In 2020, Gerflor's sales declined by about 9%, which is slightly better than our previous expectations of a 12% drop. It is also slightly better than the performance of Gerflor's main peers in resilient flooring,” S&P said in a press release.

The outlook reflects the forecast Gerflor will swiftly recover in most end markets, while maintaining solid operating margins, with adjusted leverage of about 6.3x-6.5x, the agency said.

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