Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Securitas Treasury Ireland DAC > News item |
S&P raises Securitas
S&P said it raised its ratings on Securitas AB and its subsidiary Securitas Treasury Ireland DAC, as well as the issue rating on its senior unsecured debt to BBB from BBB-.
The agency said it expects a major leap in profitability in 2024 for Securitas. It forecasts S&P Global Ratings-adjusted EBITDA margins will widen to 8.9% in 2024, from 7.9% in 2023 and that Securitas will profit from lower exceptional costs of SEK 550 million in 2024, compared with SEK 1.35 billion in 2023.
“Driven by solid operating performance, we expect S&P Global Ratings adjusted leverage will decrease to 2.6x by year-end 2024, from 3.2x at year-end 2023. Furthermore, we forecast that FFO to debt will reach 26.5% in 2024, despite higher cash interest paid of SEK 2.3 billion compared to SEK 1.9 billion in 2023. This is because the company has refinanced $2.3 billion of the bridge loan used to finance the acquisition of Stanley at higher interest rates,” S&P said in a press release.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.