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Vallourec has been upgraded by a notch to BB+ from BB by S&P. The upgrade comes on the back of the strong earnings reported by the company in 2023. Vallourec reported net debt of €570mn ($606.1mn) as of December 2023 and S&P believes the company will achieve its target of zero net debt within a few quarters. The company has also announced a restructuring plan to replace legacy facilities with new ones which would reduce its gross debt by €400mn ($425.3mn). S&P has a stable outlook on the entity, reflecting a healthy business environment which would allow Vallourec to build further rating headroom over the next one year.
Vallourec’s EUR 8.5% 2026s traded stable at 100.3, yielding 8.36%.