Standard & Poor’s (S&P) Global Ratings upgraded Mytilineos Group to “BB+”, anticipating the company’s strong profitability in 2024.

The Rating House says Mytilineos is supported by robust performances in the energy sector. The EBITDA is projected to be in the range of €900 million to €1 billion in 2023, up from €854 million in 2022.

As S&P notes, the company has reorganized its activities into two sectors, energy, and metals, both demonstrating resilience in 2023, contributing to Mytilineos’s strong results.

The metal sector’s profitability is estimated to be around €250 million in 2023, aligning with the previous year’s figures. Profitability is also boosted by the offsetting of London Metal Exchange (LME) prices and cost controls.

S&P believes that Mytilineos’s liquidity is sufficient, attributing it to the successful bond issuances in early 2023 and the debt maturity profile.