S&P trims Foundever Group

S&P said it lowered its ratings for Foundever Group SA (formerly Sitel Group SA) and its senior secured credit facilities to BB- from BB. The recovery rating remains 3.

“The downgrade reflects our expectation for Foundever's adjusted net leverage to remain above 4x through 2024 due to weak operating performance in 2023 and our view that family ownership has shifted its financial policy toward an increase in shareholder returns,” S&P said in a press release.

The outlook is stable.

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