S&P ups Peer Holding III

S&P said it raised its ratings for Peer Holding III BV and its senior secured debt to BB- from B+ and upgraded the recovery rating to 3 from 4.

Peer’s operating subsidiary Action boosted its EBITDA to about €1.1 billion in 2021 from €0.8 billion in 2020, despite store closures during the pandemic.

“The company has beaten our expectations, and we expect leverage to decrease toward 3.5x over the next two years, from 3.9x in 2021, absent any dividend recapitalization,” S&P said in a press release.

Additionally, the agency said, “Our improved recovery rating of 3 (60%) from 4 (45%) is due to Action's increased scale, further growth potential and geographical diversification.”

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.