...July 23, 2021 - Our ratings on Voyage Australia Pty Ltd. (Voyage) reflect the group's growing market position in the enterprise and government segment, infrastructure and service offering, cash flow generation, and credible deleveraging path. The company's smaller size and scale compared to industry peers, competitive markets, low margin retail division, and leveraged capital structure constrain the ratings. - Voyage issued about A$2 billion worth of secured term loan B (TLB) issuances to refinance its capital structure and partly fund its buyout by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super (Aware), which we view as strategic owners. - On July 23, 2021, S&P Global Ratings assigned its '##-' long-term issuer credit rating to Voyage upon the transaction implementation date. We also assigned our '##-' long-term issue rating to the TLB facilities issued by the company. - The stable outlook reflects our expectation that the group will grow its market position in the enterprise...
