Baar, Switzerland, 25th May 2018 -- CEVA Logistics AG ("CEVA") announces that S&P Global Ratings ("S&P") has today upgraded the Group's long-term issuer rating to BB- with positive outlook. The upgrade by three notches is based on the deleveraging as a result of the IPO on SIX Swiss Exchange as well as the improvements in operating results.
This follows an upgrade of CEVA's corporate rating by four notches to B1 by Moody's Investors Service ("Moody's") last week.
As previously announced, CEVA has repaid indebtedness with the proceeds from the IPO and plans to replace the majority of its remaining debt facilities through a comprehensive refinancing in due course.
Commenting on the rating upgrades, CEVA's CFO Peter Waller said: "We are very pleased about the outcome of the rating upgrades by S&P and Moody's. They not only reflect CEVA's much stronger financial position following the IPO but also the progress we have made in transforming the company. We are committed to continue to grow EBITDA and cash flows and further deleverage which should support an even better credit rating in the future."
For more information, please contact:
SVP Investor Relations
+41 41 547 0048
SVP Corporate Development
+41 799 333 083
CEVA - Making business flow
CEVA Logistics, a leading global asset-light supply chain management company, designs and implements industry leading solutions for large and medium-size national and multinational companies. Approximately 56,000 employees in more than 160 countries are dedicated to delivering effective and robust supply-chain solutions across a variety of sectors where CEVA applies its operational expertise to provide best-in-class services across its integrated network. For more information, please visit www.cevalogistics.com.
SAFE HARBOR STATEMENT:
This news release may contain forward-looking statements. These statements include, but are not limited to, discussions regarding industry outlook, the Company's expectations regarding the performance of its business or joint ventures, its liquidity and capital resources, its guidance for 2018 and beyond, and the other non-historical statements. These statements can be identified by the use of words such as "believes" "anticipates," "expects," "intends," "plans," "continues," "estimates," "predicts," "projects," "forecasts," and similar expressions. All forward-looking statements are based on management's current expectations and beliefs only as of the date of this press release and, in addition to the assumptions specifically mentioned in the above paragraphs, there are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the effect of local and national economic, credit and capital market conditions, a downturn in the industries in which we operate (including the automotive industry and the Air freight business), risks associated with the Company's global operations, fluctuations and increases in fuel prices, the Company's substantial indebtedness, restrictions contained in its debt agreements and risks that it will be unable to compete effectively. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's annual and quarterly reports, available on the Company's website, which investors are strongly encouraged to review. Should one or more of these risks or uncertainties materialize or the consequences of such a development worsen, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. CEVA disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.