S&P moves Bruneau outlook to positive

S&P said it changed its outlook for Bruneau (Boost Topco SAS) to positive from stable and affirmed the B ratings on the company and its €305 million term loan. The loan was borrowed by Boost Bidco SAS.

“We revised the outlook to positive to reflect our expectation that Bruneau will sustain resilient operating performance and stable profitability, despite challenging market conditions. As of Oct. 31, 2023, Bruneau's reported year-to-date EBITDA stood at €73.4 million, versus €71 million over the same 10-month period in 2022. The group continues to capitalize on its wide product offering and commercial agility, to preserve its strong positioning in the online office equipment market,” S&P said in a statement.

In April, the group used cash to repay €21 million of its €305 million term loan and €21 million of the €93 million shareholder loan. “Following the €42 million debt reduction, we now forecast the group's S&P Global Ratings-adjusted leverage, including the shareholder loan, will decline toward 4.3x by the end of 2023, versus 4.5x-5x in our previous forecast. Excluding the shareholder loan, adjusted leverage would be about 3.2x,” the agency said.

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