Babcock: Standard & Poor credit rating upgrade
20 December 2022
Standard & Poor's has today raised its issuer credit rating on Babcock and its issue rating on its senior unsecured bonds to 'BBB' from 'BBB-'. The stable outlook is unchanged.
The decision to upgrade to 'BBB' reflects the near-completion of the disposals programme and subsequent reduction in debt, along with the renegotiation of legacy contracts, and a restructured and tightened cost base. The stable outlook reflects Babcock's good revenue visibility and tighter control over its cost base resulting in gradually improving margins and stronger cash flows over S&P's two-year rating horizon.
ENDS
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For further information: |
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Andrew Gollan, Director of Investor Relations |
+44 (0)7936 039004 |
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Kate Hill, Group Director of Communications |
+44 (0)20 7355 5312 |
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Tulchan Communications |
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Olivia Peters / Harry Cameron |
+44 (0)20 7353 4200 |