...- Perenti Ltd.'s credit metrics are improving as the company ramps up client projects amid the current favorable gold market cycle. In addition, the predominantly scrip-based acquisition of DDH1 Ltd. in October 2023 adds to the group's scale and consolidates Perenti's status as a leading mining services contractor. - We believe Perenti has greater capacity to navigate adverse commodity price cycles as its credit metrics improve. This is underpinned by its financial policy, which aims for a company-defined net leverage of below 1.0x (this translates to about 1.5x S&P Global Ratings' adjusted gross leverage), coupled with the scale benefits gained from the DDH1 acquisition. - Accordingly, we revised the rating outlook on Perenti to positive from stable. At the same time, we affirmed our '##' issuer credit rating, our '###-' issue rating (recovery rating of '1') on the company's A$420 million senior secured bank facilities, and our '##' issue rating (recovery rating of '3', previously '4')...
