13 September 2022, Burton upon Trent, UK – Doncasters Group has welcomed the rating upgrade of its corporate family rating (CFR) to Caa1 from Caa2, and its probability of default rating to Caa1-PD from Caa2-PD by rating agency Moody’s.
In addition, Moody’s has changed the outlook on all of Doncasters’ ratings to stable from positive. The rating action follows the company’s acquisition of Jiangyin Uni-Pol Co. Ltd (Uni-Pol) and reflects the continuation of Doncasters’ strong trading in 2021 and 2022 to date, driven by operational improvements and new business wins.
Moody’s have also cited the Company’s positive EBITDA growth and the deleveraging effect of the Uni-Pol acquisition, alongside improved liquidity, and the successful management of supply chain and inflationary pressures.
Simon Martle, Doncasters CFO commented: “This upgrade is recognition of the strength and commitment of our businesses around the world.
“With predicted growth in revenue and EBITDA over 2022 and 2023, driven by new contracts and further market recovery, it’s great to have Doncasters’ positive momentum, following our acquisition of Uni-Pol, acknowledged.
“These ratings reflect our employees’ dedication, our strategy for growth, operational improvements and investments, and our shareholders’ confidence in our future.”
View the full report here: www.moodys.com/research