S&P lifts Kaefer

S&P said it raised its ratings for Kaefer SE & Co. KG and its debt to BB- from B+.

SMS Group and Altor invested €144 million in return for a 50% stake in the company. The investment boosted the company’s balance sheet cash. S&P also noted Kaefer’s credit metrics and performance demonstrated a significant recovery in 2021.

“We foresee that Kaefer will use the cash contribution obtained from SMS and Altor to undertake new acquisitions and expand its revenue base, leading to regional diversification and expansion,” S&P said in a press release.

The outlook is stable.

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