S&P raises B&M

S&P said it upgraded the ratings for B&M European Value Retail SA and its £400 million of 3 5 8% notes due 2025 to BB from BB-.

“B&M reported a robust trading performance during the pandemic, supported by its value-oriented offering and product mix of grocery and general merchandise including gardening, home improvement, and DIY. Its revenues grew by more than 25% in FY2021,” S&P said in a press release.

The agency said it forecasts B&M's credit metrics will stay stronger than historically, with S&P Global Ratings-adjusted debt to EBITDA leverage sustainably below 3x, positive free operating cash flow after lease payments and moderate financial policy.

The outlook is stable.

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