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S&P puts Ferro on watch
S&P said it placed all its Ferro Corp. ratings on CreditWatch with negative implications.
The CreditWatch placement follows the announcement that Ferro agreed to be acquired by Prince International for about $2.1 billion.
“We expect the transaction will be credit negative for Ferro given PMHC's weaker credit ratings and high debt leverage, and the potential ownership of Ferro by a private equity sponsor,” S&P said in a press release.
The CreditWatch placement reflects the possibility the agency could lower Ferro’s ratings by at least one notch, but possibly more, when more information on the debt structure is available and there is more certainty on the deal closing, S&P said.
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