...- Australia-based Ventia Services Group Ltd. has been posting strong operating performance since its IPO in November 2021. Drivers are an expanding contract book with renewal rates of about 90%, a favorable work-in-hand profile, and enhanced service capabilities. Despite challenges presented during COVID, the company's continued momentum in gaining contracts reflects the stability of its business model and cash flow. - The infrastructure service provider has deleveraged its balance sheet, bringing our S&P Global Ratings-adjusted debt-to-EBITDA ratio down to 1.4x in the first six months of fiscal 2023. Given the company is targeting operating in the range of a company-defined net leverage range of 1x-2x, we expect Ventia to sustain a capital structure with an adjusted leverage under 2x. - We raised our long-term issuer credit rating on Ventia to '###' from '###-'. - The stable rating outlook reflects our expectation Ventia will continue to expand its contract book, maintain its operating...
