S&P takes ATI from watch

S&P said it affirmed its B- issuer rating on ATI Holdings Acquisition Inc. and removed its ratings from CreditWatch with negative implications where they had been placed on March 31.

“We no longer view ATI's near-term liquidity as a key risk to its credit quality. The company has materially improved its liquidity position since we placed our ratings on CreditWatch with negative implications,” S&P said in a press release.

During the second quarter, ATI received a $92 million federal grant to help compensate it for lost revenues from the coronavirus.

“We expect ATI to generate positive free cash flow before growth capital spending and forecast debt to EBITDA of about 8x in 2021,” the agency said.

The outlook is stable.

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