EVOCA Outlook Revised To Stable From Negative On Successful Integration Of Acquisitions; Ratings Affirmed

During the past few months, EVOCA S.p.A. (Evoca) has been able to successfully integrate the recently acquired companies--Saeco (in March 2017), Ducale (June 2017) and Cafection (July 2017)--and is therefore benefiting from a larger scale and more diversification. In addition, the company is enjoying a positive organic growth trend thanks to its new product range, positive underlying global trend in out-of-home coffee consumption, and its good momentum in markets outside Europe. We are therefore revising the outlook on Evoca (formerly called N&W Global Vending S.p.A.) to stable from negative, and affirming our 'B' rating on the company. At the same time, we are affirming our 'B' rating on the €410 million senior secured notes and revising the recovery rating to

...+ During the past few months, EVOCA S.p.A. (Evoca) has been able to successfully integrate the recently acquired companies--Saeco (in March 2017), Ducale (June 2017) and Cafection (July 2017)--and is therefore benefiting from a larger scale and more diversification. + In addition, the company is enjoying a positive organic growth trend thanks to its new product range, positive underlying global trend in out-of-home coffee consumption, and its good momentum in markets outside Europe. + We are therefore revising the outlook on Evoca (formerly called N&W Global Vending S.p.A.) to stable from negative, and affirming our 'B' rating on the company. At the same time, we are affirming our 'B' rating on the 410 million senior secured notes and revising the recovery rating to '3' from '4'. + The stable outlook reflects our view that the group's operational performance should remain resilient over the next 12 months with S&P Global Ratings-adjusted debt to EBITDA of about 22%-23% and positive annual...

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