Moody’s changes Corning view to negative

Moody's Investors Service said it changed Corning Inc.'s outlook to negative from stable and affirmed the company's ratings, including its senior unsecured debts ratings at Baa1 and senior unsecured medium-term note program ratings at (P)Baa1.

“The negative outlook reflects Moody's view that Corning's metrics will be outside of its downgrade factors until 2025 given weakness in its optical communications segment that will not improve materially until the second half of 2024. Moody's forecasts Corning's debt/EBITDA will peak around 4x in the first quarter of 2024 before improving to around 3.5x by the end of 2024 and below 3x in 2025. EBITA/interest expense will trough at around 2x which is well below the 8x median for cross-sector Baa1-rated companies,” the agency said in a press release.

© 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.