ATOS : Revue annuelle de S&P

GdeuxC

13:28

France-based IT service provider Atos SE concluded a comprehensive financial restructuring transaction on Dec. 18, resulting in a debt-for-equity swap on €2.9 billion of its old debt and €1.24 billion in new cash proceeds from an equity rights issue (€143 million) and €1.1 billion of first lien debt, as well as a new €440 million revolving credit facility (RCF).
Despite a lower quantum of debt, the group emerges from restructuring with subdued leverage and free cash flow metrics affected by continued operational restructuring efforts, but shows potential for material improvement. We forecast S&P Global Ratings-adjusted leverage of about 9x at transaction close, improving to 7x in 2025 and toward 4.5x in 2026.
However, the improvement depends on Atos' ability to turn around its operations, return to revenue growth, and improve its profitability profile toward industry-average ranges, which we consider subject to some execution risk.
We therefore raised our long-term issuer credit rating on Atos SE to 'B-' from 'SD' (selective default).
We also assigned our 'B+' issue rating to the group's new first-lien senior secured notes due 2029, assigned our 'CCC' issue rating to its new 1.5- and second-lien senior secured notes due 2030 and 2032, respectively, and withdrew our 'D' (default) issue ratings on the group's old senior unsecured notes because they have been exchanged for equity and new debt.
The stable outlook reflects our view that Atos will preserve adequate liquidity over the next 12 months despite our expectation of free cash outflows after leases of about €360 million, before returning to positive free operating cash flow (FOCF) from 2026 onward.

M2762074

13:34

Je vous remercie d'avoir fait l'effort de répondre.
Cependant l'article que vous transmettez date du 18/12/2024, j'en avait déjà pris connaissance.
Il y a visiblement une nouvelle note du 12/12/2025, c'est a celle-ci que je fais référence.