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S&P changes Clorox outlook to negative
S&P said it changed its outlook for Clorox Co. to negative from stable and affirmed its BBB+ ratings.
“U.S.-based Clorox Co. materially lowered fiscal 2024 (June 30) guidance primarily due to temporary out-of-stock and some lost distribution on account of cyber-attack-driven operational disruptions. Following our review of the company's disclosures, we now forecast S&P Global Ratings-adjusted leverage will weaken to 3.2x in 2024 before improving to near 2.5x in 2025,” S&P said in a statement.
The agency warned it may downgrade the company “if Clorox does not demonstrate material sequential recovery in 2024 from the recent cyberattack.”
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