S&P ups CAB

S&P said it raised to B from B- the issuer credit rating on CAB SAS, the holding company of Biogroup, and the issue ratings on the group's €1.75 billion term loan, including the planned €300 million add-on used to fund new acquisitions and €800 million of senior secured notes. The agency also upgraded the issue rating on the group's €250 million senior notes to CCC+ from CCC.

“Biogroup delivered stronger-than-expected credit metrics thanks to robust operating performance and efficiency. The group's debt to EBITDA, as adjusted by S&P Global Ratings, and including non-common equity, reduced to 7.2x in 2020 from 9.9x in 2019. Excluding the non-common equity, which we consider as debt like although we recognize as contractually and structurally subordinated, the leverage on the cash-interest-paying debt reduced to 5.5x in 2020 from above 8x in 2019,” S&P said in a press release.

The agency said it projects FOCF of at least €120 million in 2021 and €180 million-€200 million on average in the coming two years.

The outlook is stable.

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