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S&P nicks Worldline
S&P said it lowered its ratings on Worldline and its senior unsecured debt to BBB- from BBB.
Late last month, the company lowered its guidance for revenue, EBITDA and free cash flow for 2023 and 2024.
“We now expect the S&P Global Ratings-adjusted EBITDA margin to remain below 20% until at least 2025, compared with our previous expectation of a gradual improvement toward 25% during the same period,” S&P said in a press release.
The agency said it no longer forecasts leverage to land comfortably under 2.5x until 2025, which is its threshold for the BBB rating.
The outlook is stable.
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