S&P pulls Circor from watch

S&P said it affirmed Circor International Inc.’s ratings, including its B- issuer rating, removed them from CreditWatch with negative implications where they were placed on March 17 and assigned a negative outlook.

Last month, Circor filed its 2021 10-K report and restated historical financials for 2019 and 2020 following its discovery of an accounting irregularity in March 2022.

“We have recast our projections based on these figures, which show a downward revision of S&P Global Ratings-adjusted 2020 EBITDA by about 15%,” the agency said in a press release.

The outlook reflects the possibility of a downgrade over the next 12 months if the company does not deliver positive S&P Global Ratings-adjusted free operating cash flow over the next 12 months, S&P said.

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