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LONDON - DBRS Morningstar has confirmed Mitie Group plc’s (LSE:LON:MTO) BBB investment grade credit rating remains unchanged following the company’s proposed acquisition of Marlowe Plc, according to a statement released Wednesday.
The rating agency views Marlowe’s business lines as complementary to Mitie’s existing operations and cited the company’s strong financial position and integration experience as key factors in its assessment.
The confirmation follows Mitie’s June 5 announcement of its proposal to acquire Marlowe, a move that aligns with the Group’s strategy to expand capabilities in the Testing, Inspection and Certification sector.
"We welcome DBRS Morningstar’s comments and rating confirmation, which we regard as a clear recognition of the Mitie Board’s commitment to maintaining a strong balance sheet, operating within our leverage targets, and delivering good free cash flow throughout our three-year ’Facilities Transformation’ plan," said Phil Bentley, Group Chief Executive of Mitie.
Mitie, which describes itself as the UK’s leading facilities management and transformation company, employs 76,000 people and provides services across engineering, security, and hygiene sectors.
The company states it holds market leadership positions in its core services and delivers project capabilities in areas including power and grid connections, building modernization, decarbonization, and telecoms infrastructure.
Further details of the proposed acquisition are contained in the scheme document published by Marlowe on June 23, according to the press release statement.
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