We think Cedacri SpA's investment in new products and focus on cost synergies will result in sound top-line and earnings growth, as well as support deleveraging toward 6.0x in 2025 from our estimate of 6.8x in 2024. We also anticipate that free operating cash flow (FOCF) to debt will improve to about 7% in 2025, supported by earnings growth and a normalization in working capital flows. This follows a drop in this metric to somewhat below 5% in 2024, affected by temporary working capital fluctuations. We therefore affirmed our 'B' long-term issuer credit rating on Cedacri and 'B' issue ratings on the company's senior secured floating rate notes. The stable outlook indicates our expectation that Cedacri's continued robust operating performance
