S&P rates Kruk notes BB-

S&P said it rated Kruk SA’s planned euro-denominated senior unsecured notes BB-. Kruk plans to market the notes in the Nordic capital market, which will be the company’s first issue outside the Polish debt market.

Kruk is expected to use the proceeds to finance its investment strategy and refinance its revolving credit facility.

“We already incorporated this additional debt in our base case forecast when we assigned the BB- issuer credit rating to Kruk (see Related research). We expect a moderate increase in the leverage ratio over the next two years, with gross debt to cash-adjusted EBITDA of about 2.6x by year-end 2024 versus 2.3x estimated at year-end 2022,” S&P said in a press release.

The outlook is stable.

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