Research Update: Consumer Plastics Producer Keter Upgraded To 'B-' On Improved Cash Flow And Performance; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Consumer Plastics Producer Keter Upgraded To 'B-' On Improved Cash Flow And Performance; Outlook Stable

Research Update: Consumer Plastics Producer Keter Upgraded To 'B-' On Improved Cash Flow And Performance; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Consumer Plastics Producer Keter Upgraded To 'B-' On Improved Cash Flow And Performance; Outlook Stable
Published Sep 10, 2020
8 pages (3362 words) — Published Sep 10, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Keter Group B.V. (Keter) has achieved better-than-expected operational performance over the past six months, thanks to its effective turnaround plan and the overall stable demand for its products during the COVID-19 pandemic. For 2020 and 2021, we now forecast Keter's free operating cash flow (FOCF) will be positive and that its adjusted debt to EBITDA (excluding the shareholder loan) will decrease to 8.0x-8.5x from 11x in 2019, given higher EBITDA generation and working capital improvements. We are therefore raising our long-term issuer credit and issue rating on Keter to 'B-' from 'CCC+'. The outlook is stable, reflecting our view that operating performance should remain resilient over the next 12 months, supporting the deleveraging trend. The consensus among health experts is

  
Brief Excerpt:

...- Keter Group B.V. (Keter) has achieved better-than-expected operational performance over the past six months, thanks to its effective turnaround plan and the overall stable demand for its products during the COVID-19 pandemic. - For 2020 and 2021, we now forecast Keter's free operating cash flow (FOCF) will be positive and that its adjusted debt to EBITDA (excluding the shareholder loan) will decrease to 8.0x-8.5x from 11x in 2019, given higher EBITDA generation and working capital improvements. - We are therefore raising our long-term issuer credit and issue rating on Keter to 'B-' from '###+'. - The outlook is stable, reflecting our view that operating performance should remain resilient over the next 12 months, supporting the deleveraging trend....

  
Report Type:

Research Update

Ticker
522893Z@NA
Issuer
Keter Group B.V.
GICS
Commodity Chemicals (15101010)
Sector
Global Issuers
Country
Netherlands
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Consumer Plastics Producer Keter Upgraded To 'B-' On Improved Cash Flow And Performance; Outlook Stable" Sep 10, 2020. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Consumer-Plastics-Producer-Keter-Upgraded-To-B-On-Improved-Cash-Flow-And-Performance-Outlook-Stable-2510487>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Consumer Plastics Producer Keter Upgraded To 'B-' On Improved Cash Flow And Performance; Outlook Stable Sep 10, 2020. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Consumer-Plastics-Producer-Keter-Upgraded-To-B-On-Improved-Cash-Flow-And-Performance-Outlook-Stable-2510487>
  
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