Research Update: Ventia Services 'BB' Ratings Placed On CreditWatch Positive On Proposed IPO And Debt Reduction

On Oct. 26, 2021, Australia-based infrastructure services provider Ventia Services Pty Ltd. (Ventia) launched a formal IPO process to list on the Australian Stock Exchange. We expect the IPO to materially reduce the group's leverage from the proceeds raised while concurrently reducing the ownership and influence of its existing shareholders, including financial sponsor Apollo Global Management. On Oct. 27, 2021, S&P Global Ratings placed its 'BB' long-term issuer credit rating on Ventia and 'BB' issue rating on the company's first-lien debt on CreditWatch with positive implications. The CreditWatch with positive implications reflects our expectation that debt reduction from part of the proceeds of the proposed IPO and Ventia's prudent financial policy framework, together with reduced shareholder influence, should support a

...- On Oct. 26, 2021, Australia-based infrastructure services provider Ventia Services Pty Ltd. (Ventia) launched a formal IPO process to list on the Australian Stock Exchange. - We expect the IPO to materially reduce the group's leverage from the proceeds raised while concurrently reducing the ownership and influence of its existing shareholders, including financial sponsor Apollo Global Management. - On Oct. 27, 2021, S&P Global Ratings placed its '##' long-term issuer credit rating on Ventia and '##' issue rating on the company's first-lien debt on CreditWatch with positive implications. - The CreditWatch with positive implications reflects our expectation that debt reduction from part of the proceeds of the proposed IPO and Ventia's prudent financial policy framework, together with reduced shareholder influence, should support a near-term revision of the issuer credit rating on Ventia to '###-'....

Research Update