S&P trims Nitrogenmuvek

S&P said it lowered to B- from B its long-term issuer credit rating on Nitrogenmuvek Zrt. The outlook is stable.

At the same time, the agency lowered to B- from B the issue rating on the €200 million fixed-rate notes due 2025 and issued by Nitrogenmuvek.

“The downgrade reflects Nitrogenmuvek's weak operating performance so far this year, leading us to significantly revise our forecasts. We now expect S&P Global Ratings-adjusted debt of EBITDA of above 10.0x and funds-from-operations (FFO) to debt of less than 5% in 2018, recovering to about 6.5x-7.0x and about 10%, respectively, in 2019.

“This is in contrast with our previous expectations in May of adjusted debt to EBITDA below 6.0x and FFO to debt of about 12%, in both 2018 and 2019,” S&P said in a news release.

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