S&P moves Ashland Global view to stable

S&P said it affirmed its BB+ issuer credit rating on Ashland Global Holdings Inc., and Ashland LLC and Hercules LLC and revised the outlook to stable from negative.

The agency also affirmed the BB+ issue-level ratings on the unsecured debt and on the subordinated notes at Hercules LLC. The 3 recovery ratings on both are unchanged.

“The outlook revision reflects our expectations for improvements in EBITDA and free cash flow in 2021, beyond our previous expectations. Ashland is exposed to more resilient end markets on the consumer side, and as the economies rebound following the Covid-19 pandemic, we expect better demand for Ashland's products on both the consumer and industrial sides,” S&P said in a press release.

S&P said it forecasts S&P Global Ratings'-adjusted funds from operations to debt to remain between 20% and 30% on a weighted-average basis.

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