The ratings agency says there are risks on the delivery of the fix-it plans at the embattled contractor, which has a new CEO and chairman.
is expected to continue for the rest of this financial year and there are risks connected with new chief executive Peter Tompkins’ turnaround plans.
The Downer share price has been trashed after a series of profit warnings that have wiped a third of the sharemarket value off the services group’s share price and left it vulnerable to a takeover.Mark Chellew from that role on March 3. New Downer EDI CEO Peter Tompkins has a lot on his plate. The group now has a new permanent chairman, former Lendlease executive Michael Menhinnitt.Fitch on Friday affirmed Downer’s long-term issuer default rating at ‘BBB’ with a negative outlook.“The negative outlook reflects ongoing margin pressure, with the EBITDA margin falling to 3.3 per cent in the first half of the financial year ending June 2023 amid labour and weather-related issues,” the ratings agency said.
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