Standard & Poor credit rating upgrade

RNS Number : 3548K
Babcock International Group PLC
20 December 2022
 

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

 

 

For further information:

 

Andrew Gollan, Director of Investor Relations

+44 (0)7936 039004

Kate Hill, Group Director of Communications

+44 (0)20 7355 5312

 

 

Tulchan Communications

 

Olivia Peters / Harry Cameron

+44 (0)20 7353 4200  

 

 

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