S&P ups Innio Group

S&P said it raised its ratings on Innio Group Holding GmbH and its senior secured debt to B+ from B. The recovery rating on the senior secured debt remains unchanged at 3 (50%-70%; rounded estimate: 60%, versus 50% in its previous review).

“We expect solid demand across all of Innio's business lines and the management's ongoing cost improvement measures will support a gradual margin improvement to more than 19% in 2024, positive free operating cash flow (FOCF), and a reduction in leverage,” S&P said in a press release.

S&P said it also projects an increase in revenue of about 13% in 2023, 5% in 2024, and 7% in 2025.

Innio also plans to amend and extend its senior facilities by three years to 2028. “The A&E transaction is leverage neutral because gross debt remains unchanged,” the agency said.

The outlook is stable.

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