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S&P revises Corning view to negative
S&P said it revised its outlook for Corning Inc. to negative from stable and affirmed its BBB+ issuer rating.
“Corning's net leverage of about 3x is well beyond our 2x downgrade threshold, but we believe it can bring leverage back into line. We estimate the company finished 2023 with leverage of about 3x (in the high-2x area hedge adjusted), up from 2.2x the prior year (about 2x hedge adjusted) as its S&P Global Ratings-adjusted EBITDA fell to about $2.6 billion from $3.2 billion,” S&P said in a statement.
The agency warned a downgrade is possible “if management cannot put the company on a path to bring its metrics back into line with our thresholds for the BBB+ rating over the next 12-24 months.”
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