HEALTHCARE: IT SECTOR: S&P downgrades Atos SE to B- from BB-, Ratings Placed On CreditWatch Developing
Last updated at:Jan-19 14:55By: Niall Madigan
- •Liquidity sources over usesexpected to decline to 70% over the next year.
- •Sale of BDS to airbus will take time and hence is unlikely useful for ST shortfall.
- •S&P note that 2023 credit metrics are weak: adj-leverage over 10x and full year cash burn > €1bn.
- •Tech Foundations sale is taking longer than anticipated, complicating the refinancing negotiations and liquidity situation. They see the price negotiation as risky and potentially jeopardizing to the deal (so do we, as previously flagged).
- •Rating pressures now seem centered on the refinancing with potential downgrade on refinancing failure and potential upgrade on maturity extension.
| Ticker | Update | Price | Chg 1D | Chg 2D | Chg 5D | Chg 1M | Chg YTD |
| ATOFP 0 11/06/24 | 14:44 | € 35.43 | -€ 0.75 | -€ 1.41 | -€ 44.50 | -€ 45.01 | -€ 45.20 |
| ATOFP 1 3/4 05/07/25 | 14:45 | € 27.07 | -€ 2.17 | -€ 5.41 | -€ 41.51 | -€ 49.73 | -€ 49.65 |
| ATOFP 1 1/8 04/17/26 | 13:08 | € 26.33 | -€ 3.17 | -€ 7.80 | -€ 34.05 | | -€ 29.57 |
| ATOFP 2 1/2 11/07/28 | 14:45 | € 24.20 | -€ 1.86 | -€ 3.84 | -€ 30.83 | -€ 37.18 | -€ 37.01 |
| ATOFP 1 11/12/29 | 14:45 | € 23.70 | -€ 1.60 | -€ 3.82 | -€ 24.58 | -€ 30.44 | -€ 30.95 |
