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“Despite the Group experiencing a delay in its issuing its bond which subsequently delayed the acquisition of its vessels, the Group reported strong performance for FY19 with an EBITDA margin of 40.3%. In addition, credit metrics at this juncture are satisfactory with an attractive interest coverage ratio of 3.4x, manageable leverage and adequate liquidity.
The Group’s performance was resilient despite the pandemic, with ENDO forecasting an improvement in its fundamentals for FY20. The Group expects its gearing to fall to 4.1x in FY20 (FY19: 6.4x), while interest coverage should improve to 4.5x. Based on this coupled with our view that the Group will generate sufficient resources to honour all of its financial obligations, we are issuing a Positive credit opinion.
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