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S&P revises Constellium view to positive
S&P said it revised to positive from stable its outlook on Constellium NV and affirmed the B- long-term issuer credit rating on the company.
S&P also affirmed its B- issue rating on the company's senior unsecured notes. The recovery rating on the notes is 4, reflecting an expectation of average recovery prospects (30%-50%; rounded estimate: 35%) in the event of a payment default.
“The outlook revision reflects our view of the faster-than-expected improvement of Constellium's credit metrics in 2018 as a result of strong half-year results, and the completion of a €200 million divestment,” S&P said in a news release.
“Therefore, we now project EBITDA for the full year of 2018 at €502 million, compared with our previous estimate of €470 million, translating into adjusted debt to EBITDA of less than 6.0x.”
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