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S&P cuts ABB
S&P said it downgraded ABB Ltd. to A- from A.
ABB plans to distribute about $7.7 billion in net proceeds from the sale of its power grid operations to shareholders over the next two to three years via a share buyback program, resulting in deeply negative discretionary cash flow, the agency said.
“We project that ABB's funds from operations (FFO) to debt will deteriorate to 38%-42% in 2021-2022, below our threshold for the A rating in 2020 as a result of the shareholder distributions,” S&P said in a press release.
The outlook is stable.
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