S&P trims Tank Holding

S&P said it downgraded Tank Holding Corp. and its first-lien credit facilities to B- from B. The 3 recovery rating is unchanged.

“Softer demand will likely cause Tank's credit metrics to weaken over the next 12 months. As coronavirus containment and mitigation measures continue in nearly all corners of the U.S., S&P Global now forecasts the world's biggest economy will contract 5.3% this year,” said S&P in a press release.

“Tank's products generally last at least several years and represent its customers' capital investment, which we expect to weaken. As a result, we forecast somewhat lower revenue and margins in 2020, but Tank's profitability will likely remain above average compared with other rated industrial manufacturers,” said the agency.

The outlook is negative.

© 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.