OHLA - comment
Since 2019 OHLA’s banks have trapped €140m of cash currently held as collateral, the company is tentatively seeking the release of that security. Releasing that cash would boost OHLA significantly. That normalization of its banking relationships is even being discussed, demonstrates the momentum behind OHLA’s recovery. Thus far, OHLA has made no commitment to investors on getting this collateral released; success will first require Moody’s to move the ratings back into the B range from Caa1 (positive). Moody’s is unlikely to rush the fence on this, but also, right now OHLA has plenty of capital. OHLA has time to manage its banking relationships and get the right facility with the right pricing. At the very least, OHLA would expect to increase those bank guarantee lines from the current €314m (back towards the original €465m level).