S&P upgrades PPC to “BB-” from “B+”

The credit rating of PPC was upgraded by the financial firm S&P, after the corresponding upgrade it made for the Greek economy.

As announced, S&P's long-term ratings upgrade the credit rating of PPC to "BB-" from "B+" after Greece being upgraded to "BB+" from "BB", with firm's analysts estimating that the Greek government has increased its ability to support the public undertaking, if needed.

S&P keeps PPC's prospects stable, arguing that it expects the company to continue to implement its transformation plan, with stable liquidity, improved profit margins and high investments. It also estimates that the debt to EBITDA, for the period 2022 - 2023, will be close to 3X.

"Crisis-proofed"

In its analysis, S&P considers that PPC has taken all necessary measures to be shielded against the crisis caused by the Russian invasion of Ukraine.

"Stable liquidity and improved fundamental business data will protect the company's credit quality from the impact of the Russia-Ukraine conflict," the financial firm states in its assessment and explains: "After raising revenues in February 2022 amounting to 1.3 billion euros from the sale of HEDNO by 49%, as well as the increase of the share capital amounting to 1.35 billion euros in 2021 and the issuance of bonds amounting to 1.275 billion euros, we consider PPC's liquidity to be stable. In 2022, we expect that PPC will remain relatively shielded from the sharp increase in energy prices that already started in 2021", S&P underlines.

ΕBITDA amounted at 1 billion in 2023

Regarding the financial performance of the Greek company, S&P notes: "PPC announced (for 2021) recurring operating profits (EBITDA) of 871 million euros, while we expect that the adjusted EBITDA will continue this positive...