Fitch Ratings has affirmed Vista Global Holding’s B+ rating, citing the company’s global market position and diversified operations while highlighting concerns about its niche operations, concentrated ownership and high EBITDAR leverage.
Despite these challenges, Vista’s rating was supported by its strong market position, geographic and customer diversification, and growing share of contracted revenue. However, the company’s negative free cash flow (FCF) in 2023 was a significant factor in the rating assessment.
“Negative FCF in 2023: The company underperformed our forecast for 2023 in FCF generation. This was driven mainly by extensive aircraft refurbishments exceeding our assumptions for last year, as well as working-capital…
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