S&P cuts AMG Advanced

S&P said it lowered its ratings on AMG Advanced Metallurgical Group NV, including the issuer rating to B+ from BB.

“Leverage may remain weaker than our base case forecast if metals prices and demand do not improve as expected, leading to a risk of slower deleveraging in 2021. We expect debt to EBITDA to remain above 10x this year and to trend below 7x in 2021,” S&P said in a press release.

The outlook is negative.

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