S&P stabilizes ams-Osram outlook

S&P said it revised its outlook for ams-Osram AG to stable from positive and affirmed the BB- ratings on the company and its senior unsecured debt.

“In our revised base case for ams-Osram, we forecast weaker credit metrics in 2022 and 2023 that are no longer commensurate with a rating upgrade. We forecast the company's adjusted debt to EBITDA will stay materially above 2.5x in 2022 and 2023, which contrasts with our previous expectations that ams-Osram's adjusted leverage could be lower than this level from 2022. This is primarily due to our updated forecasts, which consider the risk of a demand contraction and slower profitability improvement than previously expected, as well as higher capex,” S&P said in a press release.

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