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S&P revises outlook on Polish debt collector GetBack

S&P Global Ratings on Feb. 19 revised the outlook on Polish debt collector GetBack SA to positive from stable and affirmed its B/B long- and short-term issuer credit ratings.

The rating agency said the outlook revision stems from its view that the company's expansion, along with revenue and EBITDA growth, will continue in the period between 2018 and 2019, supporting leverage metrics commensurate with a higher rating.

S&P said the positive outlook indicates that it could upgrade GetBack's ratings if the company's profitability metrics continue to improve while its debt-to-EBITDA ratio stays at below 4x and liquidity remains adequate over the next 12 months.

An upgrade would depend on conditions supporting generally stable collection prospects on newly purchased debt portfolios and on the continued good performance of the company's pricing model, the agency noted.

S&P said it could revise the outlook back to stable if it has concerns about GetBack's rapid growth, specifically in untested markets for the company outside the Polish debt market, or to negative if it observes that GetBack is unable to expand profitably or leverage deteriorates to levels consistent with the agency's highly leveraged financial risk category.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.