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S&P lowers Coveris to negative
S&P said it revised the outlook on Coveris Holdings SA to negative from stable.
The agency also said it affirmed all of the ratings on the company, including its B corporate credit rating.
The negative outlook reflects the potential for a lower rating over the next year if the company's leverage is sustained at higher than 7x and the company doesn't generate positive free cash flow, S&P said.
In 2016, underperformance in the company's flexibles packaging segment and the continued negative impact of the strong dollar resulted in an adjusted debt-to-EBITDA ratio of 6.8x and negative free cash generation of about $16 million, the agency said.
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