S&P gives Viad B, loans B+

S&P said it gave Viad Corp. a B rating and its planned senior secured $400 million term loan and a $100 million revolving credit facility, expected to be undrawn at close, B+ with 2 recovery ratings.

“The company's revenue is gradually recovering from the pandemic, and we expect its operations will continue to improve over the next 12 months, leading to better leverage and cash flow metrics, albeit still behind 2019 levels, S&P said in a press release.

The outlook is stable. The agency said it projects the company's leverage to decline to the low-5x area and free operating cash flow (FOCF) to climb to above breakeven in 2022 as capital expenditures are temporarily elevated.

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