GCR upgrades Omnia's ratings
The Global Credit Rating (GCR) Co has upgraded JSE-listed Omnia’s long- and short-term issuer ratings to BBB+ and A2 respectively, with the outlook revised from negative to stable.
The rating reflects GCR’s view that Omnia's recovery and sustainable improvement in cash flow and financial flexibility are underpinned by strong shareholder support, operational rationalisation, cash preservation and relatively strong access to capital, says Omnia.
The report also highlights, that, in terms of Omnia’s competitive position, it has strong market positioning in the agriculture products space on the continent, complemented by Omnia’s member group Bulk Mining Explosives’ burgeoning market share.
Further, it mentions that Omnia's proprietary technologies, continued modernisation of the production process, control of the supply chain and integration of the three main business units underpin a sound revenue base.
“This upgraded credit rating is a welcome endorsement of the progress made in implementing our turnaround strategy over the past 12 months, particularly the short-term stabilisation plan and focus on enhancing operating leverage and margin improvement.
"Our competitive positioning and strengthened financial profile enable us to better weather the challenges brought about by Covid-19 and sets the foundation from which we continue to drive long-term sustainable value, enhance efficiencies and optimise returns,” says Omnia CEO Seelan Gobalsamy.
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