Fitch shifts Albemarle view to stable

Fitch Ratings said it revised Albemarle Corp.’s outlook to stable from negative.

Albemarle is raising $1.3 billion through equity sales and plans to use the proceeds on debt reduction and ongoing capital spending on lithium projects.

“Fitch believes that the decision to raise equity, which comes at a time when the company’s stock has more than tripled since late March, is indicative of a credit-conscious capital deployment strategy and positions the company well to continue supporting the strong growth profile of its lithium segment even given the pandemic’s disruption to the company’s catalyst volumes,” the agency said in a press release.

The agency also affirmed Albemarle’s BBB ratings, including those on its bank loans and notes.

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