S&P's Positive View on Cirsa: Company on the Growth Path

S&P Global Ratings has issued a positive outlook for Cirsa Enterprises S.A.U., highlighting the strong operational performance and the expectation of continued deleveraging in 2024. The company's credit rating has been upgraded to 'B+' with a stable outlook.
The positive outlook reflects Cirsa's robust operational performance, supporting further deleveraging, with an expectation that S&P Global Ratings-adjusted leverage will reach approximately 4.5x in 2024. Market share growth, both organic and through disciplined acquisitions, along with the overall industry recovery, has led to a year-on-year revenue growth of 21.5% for the first nine months of 2023.

Cirsa is expected to maintain this level of performance for the full fiscal year 2023, supported by its multichannel presence with a large customer base and strong brand recognition. The projection is for the company to sustain revenue growth at around 5%-8% in 2024, driven by its operations in both the retail and online sectors.

The improvement in the credit rating and the positive outlook reflect Cirsa's diversification and financial strength, as well as its focus on proactive debt structure management. The company has actively addressed its debt maturity profile and diversified its funding structure, contributing to its ability to improve leverage and generate positive free operating cash flow.
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