...- Mobilux 2 S.A.S.' operating performance in the fiscal year ended June 30, 2022, was stronger than our expectations on the back of sustained positive sales momentum despite economic headwinds. - Although inflationary pressure will likely affect Mobilux 2's absolute profitability, translating to weaker free operating cash flow (FOCF) of 40 million-50 million in fiscal 2023, the group should sustain leverage comfortably below 4.5x and ample liquidity. - We therefore raised our long-term issuer credit rating on Mobilux 2 to 'B+' from 'B'. At the same time, we raised our issue rating on the group's senior secured notes to 'B+' from 'B' and on its super senior revolving credit facility to '##' from '##-'. Our recovery ratings on each instrument remain unchanged at '4' (recovery prospects: 45%) and '1' (recovery prospects: 95%), respectively. - The stable outlook indicates that we expect Mobilux 2 to sustain S&P Global Ratings-adjusted EBITDA margin above 12% over the next two years and FOCF...
