Dufry secures additional S&P Global Ratings upgrade to BB with Outlook Stable

Marking the second upgrade this year, after an earlier upgrade in March, S&P Global Ratings has further upgraded Dufry’s credit rating to BB, Outlook Stable. According to the company, the action was based on Dufry’s strong performance, the continued momentum in travel as well as the successful completion of the business combination with Autogrill.

In addition to the rating upgrade, Dufry received further commitments for the “Accordion” option of its Revolving Credit Facility (RCF). Existing and new bank partners already committed to EUR 180 million (US$201.5 million) in April this year, with further agreements for an additional EUR 410 million (US$458.9 million) signed in June. With these two steps, the overall facility has been increased from an initial EUR 2,085 million (US$2.33 billion) to now EUR 2,675 million (US$2.98 billion).

Yves Gerster, CFO of Dufry Group, commented, “We are extremely happy about the rating upgrade we received by S&P Global Ratings this week – another upgrade following the first rating improvement earlier this year is an endorsement of our Destination 2027 strategy. S&P Global Ratings acknowledges our solid financial performance, the successful execution of the transformative business combination with Autogrill and, most importantly, the conclusive strategic rationale for the transaction.

"We increased our RCF by overall EUR 590 million (US$867.63 million) as of end-June, at attractive terms in the current market environment and also benefitting from the impact of the rating upgrade. The 2027 maturity sums up to EUR 2,675 million (US$2.98 billion), providing sufficient financial flexibility while further strengthening the relationship with Dufry’s and Autogrill’s lending banks."