S&P lowers Ferro

S&P said it downgraded Ferro Corp. and its first-lien loan facility to B+ from BB-. The recovery rating remains 3.

“S&P believes a global recession will depress Ferro's EBITDA and weaken credit metrics in 2020. We expect Ferro to face challenging macroeconomic conditions over the next 12 months after an already-weak 2019,” said S&P in a press release.

“We now expect S&P Global Ratings-adjusted funds from operations (FFO) to debt will be below 12% in 2020, though above 12% on a forward-looking, weighted-average basis,” the agency said.

The outlook is negative.

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