S&P affirms Corning

S&P said it affirmed all its ratings on Corning Inc. but said it no longer assigned any equity content to the $2.3 billion of convertible preferred shares held by Samsung Display Co. Ltd. after the implementation of revised hybrid criteria.

“We treat all shares as debt (versus intermediate equity credit previously) and expect leverage to rise modestly to around 2x over the next 12-24 months because of the criteria revision and Corning's $20 billion capital framework that it will implement over 2020-2023,” said S&P in a news release.

The outlook is stable.

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