S&P trims Press Metal

S&P said it downgraded Press Metal Aluminium Holdings Bhd. and the rating on its guaranteed notes to B+ from BB-.

“We lowered our ratings on PMB because the company’s growth aspirations make debt reduction and more prudent funding management less plausible until 2021 at the earliest. At the same time, we believe PMB’s higher debt over the next 12-18 months reduce its headroom to absorb volatility in aluminum and alumina prices,” said S&P in a press release.

The outlook is stable.

© 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.