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.”