S&P downgrades Harsco

Standard & Poor's said it lowered its ratings, including the long-term and short-term corporate credit ratings, on Harsco Corp. by one notch to BBB- and A-3, respectively.

The outlook remains negative.

"The downgrade reflects persisting weak conditions in key construction and metal markets, which are delaying the improvement in profitability and cash flow generation that we had previously expected," said S&P credit analyst Gregoire Buet in a news release. "While we expect leverage and cash flow coverage will improve from 2012 levels, they will likely remain weak for the investment-grade rating."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.