S&P Global Ratings delivers timely boost to Dufry

In a positive response to Dufry’s 2022 full-year results 2022 (published 7 March) and February’s successful closing of the Autogrill combination S&P Global Ratings has upgraded Dufry’s credit rating to BB- and CreditWatch Positive.

In a rating report dated 28 March, the American credit ratings agency noted Dufry’s sound trading performance on the back of air travel recovery; the company’s solid liquidity position; and the sound business rationale of the combination with Autogrill (the transfer of Edizione’s 50.3% stake in Autogrill to Dufry took place at the beginning of February).

“We are well positioned for any upcoming financing requirements and are confirming the expected closing of the Mandatory Tender Offer by the end of Q2 2023, ” says Dufry CFO Yves Gerster

S&P said it expects the Autogrill deal to enhance Dufry’s economies of scale and diversification in terms of geographical footprint and product mix.

The ratings agency said the CreditWatch placement indicates that further rating actions might be possible again after the completion of the Mandatory Tender Offer (MTO), and with the final capital structure in place.

Dufry Group CFO Yves Gerster commented: “We are pleased about the rating upgrade received by S&P this week. It further underlines our strong full-year 2022 performance, positive outlook as well as strong financial position with more than CHF2.3 billion (US$2.5 billion) available liquidity and the lowest net debt level since 2015.

“We are well positioned for any upcoming financing requirements and are confirming the expected closing of the MTO by the end of Q2 2023.” ✈


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