EP Bco (Euroports) 'BB-' Ratings Affirmed On Increased Demand For Commodities; Outlook Remains Negative

EP Bco S.A., the nonoperating holding company of international port infrastructure operator Euroports Holdings S.a.r.l. (Euroports), which generated EBITDA of €68 million in 2020, is benefitting from a broad-based recovery in global demand for the key commodities handled at its terminals worldwide. That said, EP Bco's deleveraging path relies on the consolidation of its financial performance over the coming year. We have therefore affirmed our 'BB-' long-term issuer credit rating on EP Bco and our 'BB-' issue ratings on the company's first-lien term loan and revolving credit facility (RCF) and our 'B' issue rating on the second-lien term loan. The negative outlook indicates the risk that a failure to achieve EBITDA growth could delay EP Bco's deleveraging, preventing it from

...October 29, 2021 - EP Bco S.A., the nonoperating holding company of international port infrastructure operator Euroports Holdings S.a.r.l. (Euroports), which generated EBITDA of 68 million in 2020, is benefitting from a broad-based recovery in global demand for the key commodities handled at its terminals worldwide. - That said, EP Bco's deleveraging path relies on the consolidation of its financial performance over the coming year. - We have therefore affirmed our '##-' long-term issuer credit rating on EP Bco and our '##-' issue ratings on the company's first-lien term loan and revolving credit facility (RCF) and our 'B' issue rating on the second-lien term loan. - The negative outlook indicates the risk that a failure to achieve EBITDA growth could delay EP Bco's deleveraging, preventing it from reducing S&P Global Ratings-adjusted debt to EBITDA toward 6.5x on a sustainable basis. MILAN (S&P Global Ratings) Oct. 29, 2021--S&P Global Ratings today took the rating actions listed above....

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