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Avolta receives Moody’s upgraded credit rating to Ba2 with Stable Outlook

Avolta AG / Key word(s): Miscellaneous
Avolta receives Moody’s upgraded credit rating to Ba2 with Stable Outlook

28.03.2024 / 06:30 CET/CEST


Avolta AG (SIX: AVOL), the leading global travel experience player, confirms its upgraded credit rating from Ba3 to Ba2 with Stable outlook according to Moody’s Investment Service announcement yesterday. The credit rating upgrade follows the successful closing of the business combination with Autogrill in 2023 as well as the company’s strong 2023 financial performance, the announcement of a balanced capital allocation policy and the solid trading environment in 2024.

In the rating report, published on March 27, 2024, Moody’s referred to Avolta’s continued strong organic revenue growth and improved profitability in 2023. According to Moody’s, the combination with Autogrill was credit-enhancing due to the increase in scale, product and channel diversification. Additionally, the combination has been financed mainly through shares.

Moody’s also highlighted the enhanced commercial competitiveness of Avolta, illustrated by the award of the 12-year concession in Spain in 2023 incorporating a 30% increase in floorspace as well as its product assortment.

“Ba2 rating reflects Avolta’s (i) leading position in travel retail and food and beverage, with broad geographic and product diversification, (ii) the long-term growth in air passenger traffic which supports demand, (iii) historically stable profitability and positive free cash flow generation, expected to continue, and (iv) a balanced financial policy, including a management-defined net leverage target of 1.5x-2.0x.” commented the agency.

Moody’s views Avolta’s liquidity as good, reflecting the company’s cash balance and credit facilities available at December 2023, and expects Avolta to retain ample headroom under its net leverage and interest cover covenants.

The stable outlook indicates Moody’s expectation of ongoing organic revenue and EBITDA growth, underpinned by steadily increasing air passenger traffic globally.

Yves Gerster, Avolta’s Chief Financial Officer, commented: “We are pleased about the rating upgrade we received from Moody’s this week, following the upgrade received last year. This represents further confirmation of the strong performance achieved in 2023 and the consistent outlook provided, while acknowledging the continued execution of the transformative business combination with Autogrill and our Destination 2027 strategy.”

For further information:

CONTACT
 

Rebecca McClellan Cathy Jongens    

Global Head
Investor Relations

Director Corporate
Communications Phone : +44 7543 800405 Phone : +41 79 288093 rebecca.mcclellan@avolta.net cathy.jongens@avolta.net    


End of Media Release


Language:English
Company:Avolta AG
Brunngässlein 12
4010 Basel
Switzerland
Phone:+41612664444
E-mail:Headoffice@dufry.com
Internet:https://www.avoltaworld.com/
ISIN:CH0023405456
Listed:SIX Swiss Exchange
EQS News ID:1869323

 
End of NewsEQS News Service

1869323  28.03.2024 CET/CEST

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