S&P hikes Avolta

S&P said it raised its ratings on Avolta AG and its senior unsecured debt to BB+ from BB.

The agency noted Avolta beat S&P’s base-case expectations and executed its strategy while air travel continued to recover from the pandemic.

“Avolta reported sound operating performance in 2023 on the back of strong passenger traffic recovery and the successful integration of Autogrill. Revenues reached Swiss franc (CHF) 12.8 billion in 2023 compared with CHF 6.9 billion for Dufry stand-alone in 2022. On a pro forma combined basis, this represents organic growth of close to 22%. Our adjusted EBITDA shows an increase to CHF 2.5 billion from CHF 1.6 billion for Dufry in 2022. Core EBITDA (which management defines as after full concession payments) reached CHF 1.1 billion in 2023 versus about CHF 941 million on a pro forma basis in 2022,” S&P said in a press release.

The outlook is stable.

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