S&P revises Werner FinCo view to negative

S&P said it revised its outlook on Werner FinCo LP to negative from stable and affirmed the B issuer credit rating.

At the same time, S&P affirmed its B ratings on its senior secured debt and the CCC+ ratings on its senior unsecured notes.

“We revised our outlook on Werner to negative based on its adjusted leverage of over 9x EBITDA as of the end of the first quarter (March 31, 2019),” S&P said in a news release.

“While we project credit metrics to improve over the next few quarters to 7x-8x, current market conditions and higher tariffs on imported materials from China may result in credit measures that are weaker than expected for a prolonged period and are commensurate with a lower rating.”

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