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SIG PLC (SHILN; B3 Neg (now), B)

CREDIT RATING

Moody's following S&P's downgrade. Single 26s at €94/8.3%/OAS+558 pricing a rough year already.

  • The building materials co has been given a one-notch downgrade to CFR of B2 and the single €300m Secured 26s to B3. Both kept on negative outlook.
  • Moody's doesn't see a recovery till 2025 at earliest as construction and refurbishment activity remains subdued. It sees that leaving refi on the 26s at poor credit metrics. Cash on hand was £101m (€118m) with another £90m (€105m) in a RCF.
  • Moody's has gross leverage at 6.4x (up from 5.4x last year) and interest cover at 0.5x (down from 1.1x). It sees that going to 5.5x and <1.5x respectively in 2025 on a moderate market recovery and margin improvement from cost savings.
  • It's notching the secured's -1 to CFR due to the super senior RCF and "relatively large" trade payables balance.
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