REG - Babcock Intnl Group - Standard & Poor credit rating upgrade

Babcock InternationalAnnouncement

20/12/2022 13:00

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RNS Number : 3548K  Babcock International Group PLC  20 December 2022

Babcock: Standard & Poor credit rating upgrade

 

20 December 2022

 

Standard & Poor's has today raised its issuer credit rating on Babcock and
its issue rating on its senior unsecured bonds to 'BBB' from 'BBB-'. The
stable outlook is unchanged.

The decision to upgrade to 'BBB' reflects the near-completion of the disposals
programme and subsequent reduction in debt, along with the renegotiation of
legacy contracts, and a restructured and tightened cost base. The stable
outlook reflects Babcock's good revenue visibility and tighter control over
its cost base resulting in gradually improving margins and stronger cash flows
over S&P's two-year rating horizon.

 

ENDS

 

 

 For further information:
 Andrew Gollan, Director of Investor Relations  +44 (0)7936 039004
 Kate Hill, Group Director of Communications    +44 (0)20 7355 5312

 Tulchan Communications
 Olivia Peters / Harry Cameron                  +44 (0)20 7353 4200

 

 

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