Moody’s cuts AMG Advanced

Moody’s Investors Service said it downgraded the corporate family rating of AMG Advanced Metallurgical Group NV to B2 from B1, the probability of default rating to B2-PD from B1-PD and the senior secured revolving credit facility and the senior secured term loan to B1 from Ba3. The speculative grade liquidity rating remains SGL-2.

The agency also affirmed the B3 rating on the Ohio Air Quality Development Authority bonds, which AMG guarantees.

"The ratings downgrade reflects a material deterioration in AMG’s financial performance in 2019 and Moody’s view that AMG’s credit metrics will remain weak over the next 12-18 months due to the impact of the coronavirus outbreak, high leverage and high capex spending," said Botir Sharipov, a Moody’s vice president and lead analyst for AMG, in a press release.

The outlook is stable.

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