The persisting adverse effects of the pandemic, particularly with the second wave of COVID-19 infections, are constraining Evoca's top line and EBITDA recovery. We now project Evoca's debt to EBITDA, as adjusted by S&P Global Ratings, will materially exceed 10x over 2020-2021, while funds from operations cash interest ratio will reduce to, and remain below, 2x over the same period. We are therefore lowering our ratings on Evoca and its senior secured notes to 'B-' from 'B' and the rating on the super senior revolving credit facility (RCF) to 'B' from 'B+'. The stable outlook reflects our view that Evoca's solid cost and cash management and full availability under its €80 million undrawn RCF will enable the company to adequately
