Moody's changes Perenti view to positive

Moody's Investors Service said it changed the outlook for Perenti Ltd. and its subsidiary Perenti Finance Pty Ltd. to positive from stable. The agency also affirmed Perenti’s Ba2 corporate family rating and Perenti Finance’s Ba2 senior unsecured rating.

“The change in outlook to positive from stable reflects Perenti's enhanced business and credit profile following its acquisition of DDH1 Ltd. (unrated, ‘the acquisition’ or ‘DDH1’) on Oct. 6, 2023.

“Moody's projects Perenti's annualized revenues from the combined businesses will increase to around A$3.3 billion – A$3.6 billion from A$2.9 billion in the fiscal year ended June 30, 2023 (FY 2023). Moody's estimates Perenti's adjusted EBITDA will also increase to around A$620 million – A$690 million, from Perenti's stand-alone EBITDA of A$509 million in FY2023,” the agency said in a press release.

Additionally, Moody’s noted Perenti is trying to reallocate operations to lower risk areas, which it considers a credit positive.

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