S&P cuts Aegion

S&P said it lowered its issuer credit rating on Aegion Corp. to B- from B.

The outlook is stable.

At the same time, S&P cut the issue-level rating on the company's revolving credit facility and term loan to B- from B. The 3 recovery rating is unchanged.

“Aegion Corp.'s margins and profitability fell below expectations, with sustained deficits in free cash flow over the past few quarters. Although we anticipate margin improvement this year, leverage will remain high in 2023,” S&P said in a news release.

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