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S&P lowers Adler Pelzer
S&P said it lowered its ratings for Adler Pelzer Holding and its debt to B- from B+ and placed all the ratings on CreditWatch with negative implications.
The agency said it no longer expects Adler Pelzer to achieve the profitability level of S&P Global Ratings-adjusted EBITDA margin of 8%-10% in 2020, citing lower forecasts for light vehicle sales globally. S&P said it expects global light vehicle sales to fall by almost 15% this year.
“We plan to resolve the CreditWatch once we can assess and quantify the impact of Covid-19 on Adler Pelzer's financial performance and liquidity position,” said S&P in a press release.
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