ION Group Holding Had 10-Times Leverage in 2023, S&P Says

Fintech conglomerate ION Group had total debt equal to 10 times earnings at the end of 2023 after including around $3 billion of private financing at the holding-company level, according to S&P Global Ratings.

ION Investment Corp Sarl, the group’s main holding company, had leverage of 8.3 times when the holding-company debt is excluded from the calculation, analysts at the ratings firm said in a report published on Wednesday. Adjusted leverage for the group’s subsidiaries ranged between 7 and 9 times, S&P said.

The report, which doesn’t constitute a rating action, comes after investors requested more clarity on S&P’s ...