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S&P pulls Go-Ahead Group from watch
S&P said it removed Go-Ahead Group plc’s BBB- ratings from CreditWatch with negative implications and affirmed them. The outlook is stable.
Belatedly, Go-Ahead filed its audited financial statements for the fiscal year ended July 3, 2021 (FY2021) on Feb. 24. In its FY2021 statement, Go-Ahead reported a £30 million provision for a potential financial penalty payable to the Department for Transport (DfT) for good faith contraventions by Go-Ahead's subsidiary, London & Southeastern Railway, of its franchise agreements.
The DfT subsequently penalized the issuer £23.5 million. However, Go-Ahead's S&P Global Ratings-adjusted credit metrics are unaffected by the provision and penalty, the agency said.
“The stable outlook reflects our view that Go-Ahead's weighted-average adjusted funds from operations (FFO) to debt will be slightly below 30% in FY2022-FY2023,” S&P said in a press release.
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