S&P upgrades Ferro

S&P said it upgraded Ferro Corp. and its first-lien term loan facility to BB- from B+. The 3 recovery rating reflects expectations of moderate (50%-70%; rounded estimate: 60%) recovery prospects in default.

“The upgrade reflects Ferro's better than anticipated earnings during 2020 despite the pandemic. Additionally, Ferro closed on the previously announced sale of its tile coatings business for $460 million. It used the proceeds to pay down $435 million of debt on its term loan B,” the agency said in a press release.

S&P said it now forecasts better leverage metrics such as S&P Global Ratings' weighted-average calculation of funds from operations to debt of 12%-20% over the next 12 months.

The outlook is stable.

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