Fitch shifts GKN outlook to negative

Fitch Ratings said it revised GKN Holdings Ltd.'s outlook to negative from stable while affirming the company's long-term issuer default rating at BB+. Fitch also revised GKN Aerospace Services Ltd.’s outlook to negative from stable, while affirming the company's long-term IDR at BB.

“The negative outlook reflects the likelihood that the effects of the coronavirus pandemic could materially hinder or delay the previously expected recovery in cash generation and leverage to levels consistent with a BB+ rating. It also reflects the risk of a protracted weakened economic environment and its potential effect on new vehicles and aircraft production,” Fitch 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.