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S&P trims Harsco
S&P said it lowered Harsco Corp.’s issuer rating to B+ from BB-.
“The downgrade reflects Harsco's weaker-than-expected profitability, specifically within its clean Earth segment, which resulted in high S&P Global Ratings-adjusted debt leverage. The high inflationary environment caused a significant increase in transportation, disposal, materials, and fuel costs at the company's Clean Earth segment. As a result, segment EBITDA margins were weak, at approximately 4% for the first six months of the year. The level of profitability has caused leverage to increase to 6.1x on an S&P Global Ratings-adjusted basis from 5x at the end of 2021,” the agency said in a press release.
The outlook is negative.
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