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Bond Market News
Rolls-Royce Upgraded to BB+ by S&P and Fitch
December 14, 2023
Rolls-Royce and its senior notes have been upgraded by a notch to BB+ from BB by S&P. The upgrade comes on the back of improved financial performance by the company. S&P expects Rolls-Royce’s EBITDA margins to rise towards 16% in 2023 and closer to 16.5% in 2024 along with free operating cash flow generation of EUR 900mn ($981mn) in 2023. Yesterday, even Fitch upgraded Rolls-Royce by a notch to BB+, citing similar reasons. Both the rating agencies have maintained a positive outlook on the company, suggesting that the ratings could be raised further if operational performance continues to improve.
Rolls-Royce dollar bonds traded slightly higher with its 4.625% 2026s bond up 0.2 points to 101 cents on the dollar, yielding 4.06%.
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