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Avolta AG / Key word(s): Miscellaneous
Avolta secures S&P Global Ratings Upgrade to BB+ with Outlook Stable
2024-04-04 / 06:30 CET/CEST
Avolta AG (SIX: AVOL), the leading global travel experience player, confirms its upgraded credit rating from S&P Global
Rating from BB to BB+ with Outlook Stable, as announced by the rating agency yesterday. Based on Avolta's strong 2023
operating performance and tightened financial policy, the credit rating upgrade also underscores the successful
integration with Autogrill which was achieved ahead of schedule.
In the rating report, published on April 3, 2024, S&P Global Ratings highlights the strong operating performance in
2023 on the back of sound passenger traffic recovery. The agency also observed Avolta's development of a "solid
competitive edge", with an enhanced market position and more comprehensive commercial package.
"The group completed the combination of Dufry and Autogrill ahead of plan, and we see a strengthening of its business
model thanks to significant improvements in its scale, geographic diversification and product mix over the past few
years." commented S&P. The recent win of the AENA concession contracts in Spain with the new negotiated terms is seen
as a demonstration of this improved business strength.
S&P's stable outlook reflects their expectations of Avolta's continued sound operating performance fueled by continued
growth in traffic and successful execution of its global strategy. Avolta's new capital allocation policy is seen as
prudent and more conservative than its pre-pandemic approach, according to the agency, which when combined with the
operating performance, is expected to result in the delivery of strong credit metrics in the medium term.
Yves Gerster, Avolta's Chief Financial Officer, commented: "We are extremely satisfied with the rating upgrade by S&P
Global Ratings, following last week's upgrade from Moody's. The rating improvements confirm our strong performance
achieved in 2023, the positive outlook and consistent financial policy. As commented by the agency, the increased
diversification achieved with the successful combination with Autogrill is enhancing our resilience, paving the way for
the implementation of our "Destination 2027" strategic vision."
For further information:
CONTACT

Rebecca McClellan Cathy Jongens

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

News Source: Avolta AG
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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:  1872829 

End of News EQS News Service
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1872829 2024-04-04 CET/CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1872829&application_name=news

END) Dow Jones Newswires

April 04, 2024 00:30 ET (04:30 GMT)