Research Update: Specialty Chemicals Distributor Azelis Group Affirmed At 'BB+' On Reduction of Private Equity Ownership; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Specialty Chemicals Distributor Azelis Group Affirmed At 'BB+' On Reduction of Private Equity Ownership; Outlook Stable

Research Update: Specialty Chemicals Distributor Azelis Group Affirmed At 'BB+' On Reduction of Private Equity Ownership; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Specialty Chemicals Distributor Azelis Group Affirmed At 'BB+' On Reduction of Private Equity Ownership; Outlook Stable
Published Jun 03, 2024
7 pages (2902 words) — Published Jun 03, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Private-equity firm EQT and the Public Sector Pension Investment Board (PSP) have sold approximately 11% of shares in Azelis Group NV (about 21.9 million shares sold by EQT and about 4.6 million shares by PSP). As a result, EQT's stake in Azelis Group has reduced to less than 40.00%; we therefore no longer consider Azelis Group to be controlled by a financial sponsor and have revised our financial policy assessment to neutral from FS-4. We have affirmed our 'BB+' ratings on Azelis Group and its senior unsecured notes. The stable outlook reflects our view that Azelis Group can maintain S&P Global Ratings-adjusted debt to EBITDA of 3.0x-4.0x in 2024-2025, while generating healthy free operating cash flow (FOCF). The stable outlook

  
Brief Excerpt:

...- Private-equity firm EQT and the Public Sector Pension Investment Board (PSP) have sold approximately 11% of shares in Azelis Group NV (about 21.9 million shares sold by EQT and about 4.6 million shares by PSP). - As a result, EQT's stake in Azelis Group has reduced to less than 40.00%; we therefore no longer consider Azelis Group to be controlled by a financial sponsor and have revised our financial policy assessment to neutral from FS-4. - We have affirmed our '##+' ratings on Azelis Group and its senior unsecured notes. - The stable outlook reflects our view that Azelis Group can maintain S&P Global Ratings-adjusted debt to EBITDA of 3.0x-4.0x in 2024-2025, while generating healthy free operating cash flow (FOCF)....

  
Report Type:

Research Update

Ticker
AZLGF
Issuer
Azelis Group NV
Sector
Global Issuers
Country
Luxembourg
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: Specialty Chemicals Distributor Azelis Group Affirmed At 'BB+' On Reduction of Private Equity Ownership; Outlook Stable" Jun 03, 2024. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Specialty-Chemicals-Distributor-Azelis-Group-Affirmed-At-BB-On-Reduction-of-Private-Equity-Ownership-Outlook-Stable-3190196>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Specialty Chemicals Distributor Azelis Group Affirmed At 'BB+' On Reduction of Private Equity Ownership; Outlook Stable Jun 03, 2024. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Specialty-Chemicals-Distributor-Azelis-Group-Affirmed-At-BB-On-Reduction-of-Private-Equity-Ownership-Outlook-Stable-3190196>
  
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