Ardonagh downgraded following £2bn refinancing deal
But rating agency Fitch says it expects the broking group to continue to improve its EBITDA margin amidst the potential for increased cost savings as a result of its latest round of acquisitions, as well as a return to ’healthy’ free cash flow
The broking group carried out a £2bn refinancing deal to support some major acquisitions, with the increased leverage position leading to a downgrade. Despite this, Ardonagh’s position looks healthy, with its EBITDA margin and free cash flow expected to continue to improve as cost savings are realised across the group
(If you’re already a subscriber, please sign in here.)
Get access with a 14-day free trial
This article is usually available exclusively to subscribers.
For a limited period, you can enjoy all the benefits of an online subscription free for 14 days. Sign up now to read this article in full and to enjoy unlimited access to premium online content, a digital edition of the latest issue, plus an online archive of back issues.
Also, as a registered user, you will be able to -
- Access unlimited breaking industry news as it happens
- Sign up to a choice of daily and weekly newsletters