S&P revises Veregy outlook to stable

S&P said it revised its outlook for Veregy Intermediate Inc. to stable from negative and affirmed all its ratings, including the B- issuer rating.

“Healthy backlog growth and improved project conversion support our expectation that Veregy will sustain adequate liquidity over the next 12 months. As of Sept. 30, 2023, Veregy had expanded its adjusted EBITDA by 25% year on year through solid execution against projects delayed by supply chain constraints and easing labor market pressure. We expect steady mid-single-digit percent revenue and EBITDA growth in 2024 as labor and equipment cost pressures ease and lead times steadily normalize,” S&P said in a press release.

The agency said it expects Veregy to deliver $5 million-$10 million in annual free cash flow in 2024.

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