S&P revises Henry Holdings view to negative

S&P said it revised the outlook for Henry Holdings Inc. to negative from stable and affirmed the company’s B rating.

“We revised our outlook on Henry to negative based on our view that slower housing activity will harm the company's earnings in 2020. The company's performance in 2019 was in line with our previous expectations, with adjusted leverage of 6x and EBITDA interest coverage of 2.3x for the 12 months ended Dec. 31, 2019. However, we expect credit measures to somewhat weaken over the next 12 months based on depressed end markets' demand,” the agency said in a press release.

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