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Fitch revises Albemarle view to negative
Fitch Ratings said it revised its outlook for Albemarle Corp. to negative from stable and affirmed its long-term issuer default ratings and its issuing subsidiaries at BBB following the announcement of Albemarle's non-binding proposal to buy Liontown Resources Ltd. for $4.3 billion. The agency also affirmed the company's senior unsecured revolver and notes at BBB.
“The negative outlook reflects Fitch's belief that the $4.3 billion acquisition of Liontown will lead to temporarily elevated EBITDA leverage above 3x as production at Kathleen Valley - acquired in the transaction - ramps up. Fitch notes that the timely realization of anticipated Kathleen Valley production volumes, a continued supportive pricing environment, and modest debt reduction such that EBITDA leverage is expected to remain between 2x and 3x, may lead to a stabilization of the outlook,” the agency said in a press release.
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