S&P revises Perenti outlook to positive

S&P said it revised its outlook for Perenti Ltd. to positive from stable.

The agency said it expects Perenti to post double-digit revenue and earnings growth for fiscal 2024 (ending June 30, 2024), driven by the DDH1 acquisition and execution of the group's contracts.

“The acquisition will add about A$110 million of adjusted EBITDA to the group, according to our estimates. At the same time, the company is set to benefit from the transition to the operating phase of prior contract wins,” S&P said in a press release.

The positive outlook reflects the position that Perenti is committed to a financial policy that will deliver S&P Global Ratings-adjusted leverage at about 1.5x or less in the next 12-18 months, S&P said.

The agency also affirmed Perenti’s ratings, including the BBB- issue and 1 recovery ratings on the company's A$420 million senior secured bank facilities, and the BB issue and 3 recovery ratings on the company's US$433 million of senior unsecured notes.

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