May 17, 2024 06:08 GMT
Brambles: Rating Affirmed
CREDIT RESEARCH
Brambles (BXBAU: Baa1 / BBB+): Moody’s affirm
Brambles were affirmed at Baa1 stable by Moody’s.
BXBAU 2.375% EUR 500m matures 12th June.
They last issued in Mar ‘23
Moody’s note:
- Solid market position in world’s supply chain.
- FCF expected to be positive over next 12-18 months.
- Inflationary pressures have moderated.
- Maintained Debt/EBITDA in 1.4-1.8x range for past 5yrs
- Gross leverage expected to be 1.3-1.4x for next 12-18 months
- The company could potentially increase leverage to 2x but this would still be within the threshold for the rating.
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