bpha Limited’s A+ rating reaffirmed by Standard & Poor’s

Credit rating agency Standard & Poor’s (S&P) has reaffirmed bpha’s long-term credit rating of A+ on 4 October 2018.

The outlook for the rating has been revised to ‘negative’ on expectation that proportion of revenues from non-traditional activities may increase in the coming years.

In their Research Update, S&P have commented that bpha:

  • benefits from strong economic fundamentals and excellent asset quality
  • is expected to maintain strong EBITDA MRI margins of 44.5%
  • has solid EBITDA interest coverage
  • has a very strong liquidity position

S&P also reaffirmed at A+ the senior secured debt rating on bpha’s outstanding bond issued by bpha Finance plc.

Paul Gray, Chief Financial Officer, said: “We are pleased to have maintained the A+ rating and welcome S&P’s recognition of our strong margins, liquidity, and excellent asset quality.”