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S&P turns Huntsman outlook to negative
S&P said it revised its outlook for Huntsman Corp. to negative from stable and affirmed its BBB- ratings on the company and its subsidiary Huntsman International LLC.
“In the first nine months of 2023, total company revenues declined about 30% and S&P Global Ratings'-adjusted EBITDA dropped about 60%, compared with the prior year period. Customer inventory destocking and lower demand (primarily in the construction and infrastructure end markets) have led to lower volumes in all three operating segments,” the agency said in a press release.
S&P said it forecasts EBITDA will trough in 2023 at less than half of 2022 levels before gradually recovering in 2024-2025.
The outlook reflects at least a one-in-three chance of a downgrade within the next two years if, against base case expectations, EBITDA and credit metrics do not show material improvement in 2024-2025, S&P said.
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