S&P moves MYOB outlook to stable

S&P said it revised the outlook for MYOB Group Co. Pty Ltd. to stable from negative and affirmed the B- rating on the company and its A$961 million term loan B and A$50 million revolver. The recovery ratings on these facilities are 3, reflecting meaningful (50%-70%; rounded estimate: 65%) recovery prospects in default.

“The revised outlook reflects our view that MYOB's acquisitions and research and development (R&D) investments should drive a recovery in financial performance from fiscal 2023. We expect increased pricing and improved volumes will underpin this recovery, particularly for MYOB's enterprise and financial services segments,” S&P said in a statement.

The agency said it expects MYOB’s free operating cash flow to turn positive in fiscal 2024.

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