S&P revises Axactor outlook to stable, affirms B- ratings

S&P Global Ratings has revised its outlook for Axactor ASA from negative to stable while affirming its ‘B-’ long-term issuer credit rating, according to a November 27, 2025 update. This positive revision follows Axactor’s efforts to improve its capital structure and diversify its debt maturity profile, significantly reducing short-term refinancing risk. The company now faces no major debt maturities within the next 12 to 18 months.

Despite the positive outlook, Axactor's revenue is expected to remain depressed over the next year due to a smaller investment portfolio and the phasing out of positive effects from previous portfolio sales, which could pressure debt covenants. However, S&P anticipates Axactor will maintain collection levels consistent with its active recovery forecast and manage its debt covenants, albeit under significant pressure. The company's liquidity is expected to remain sound for the next 12-18 months.

Axactor’s recent refinancing includes renewing its revolving credit facility until 2028, buying back approximately €40 million of its 2026 bonds, and issuing new unsecured bonds for €125 million to reduce outstanding ACR03 bonds. These actions have extended and diversified its maturity profile, with only 22% of its debt stack due in 2027.