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S&P downgrades Technicolor
S&P said it downgraded Technicolor SA to B- from B, citing weak results leading to negative free cash flow.
Lower-than-projected EBITDA and a negative change in working capital caused Technicolor's metrics to weaken significantly. The S&P Global Ratings-adjusted EBITDA was much lower than S&P’s projections for 2019 (actual S&P Global Ratings-adjusted EBITDA was €224 million in 2019, compared with €264 million projected for the same year and €213 million 2018 figure).
“As a result, Technicolor's S&P Global Ratings-adjusted debt-to-EBITDA ratio stood at 6.9x in 2019 (instead of 5.3x previously anticipated) and FOCF amounted to negative 8.3% of debt in 2019, compared with our projection of positive 6.2%,” said S&P in a press release.
The outlook is stable.
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