S&P turns Constellium view to positive

S&P said it revised its outlook for Constellium SE to positive from stable and affirmed the B+ ratings on the company and its senior unsecured debt.

“The outlook revision is supported by Constellium's deleveraging journey. In the past three years, the company reduced its adjusted debt to €2.7 billion from €3.3 billion, which, together with stronger EBITDA, led to improved adjusted debt to EBITDA of 4x at year-end 2022 from 6.3x at year-end 2020. We view the current ratio as another checkpoint toward an adjusted debt to EBITDA of 3x-4x by 2024, a level that will support a BB- rating,” S&P said in a press release.

The agency noted Constellium met expectations for 2022, and it sees continued demand for the company’s products over the next 24 months.

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