S&P revises Constellium view to positive

S&P said it revised to positive from stable its outlook on Constellium NV and affirmed the B- long-term issuer credit rating on the company.

S&P also affirmed its B- issue rating on the company's senior unsecured notes. The recovery rating on the notes is 4, reflecting an expectation of average recovery prospects (30%-50%; rounded estimate: 35%) in the event of a payment default.

“The outlook revision reflects our view of the faster-than-expected improvement of Constellium's credit metrics in 2018 as a result of strong half-year results, and the completion of a €200 million divestment,” S&P said in a news release.

“Therefore, we now project EBITDA for the full year of 2018 at €502 million, compared with our previous estimate of €470 million, translating into adjusted debt to EBITDA of less than 6.0x.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.