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S&P lowers Hexcel
S&P said it lowered its ratings on Hexcel Corp. and its senior unsecured notes to BBB- from BBB.
“We expect Hexcel’s credit metrics to weaken significantly for 2020 and into 2021 as a result of the coronavirus pandemic,” S&P said in a press release.
The agency said it forecasts credit metrics to weaken in 2020 with funds from operations to debt in the mid-teens percent area compared with 43.9% in 2010 and debt to EBITDA in the mid-4x area versus 1.8x in 2019.
“We expect these ratios to recover somewhat in 2021, with FFO to debt rising to the low-30% area and debt to EBITDA to the mid- to the high-2x range, as the destocking impact lessens, cost cuts take effect and build rates stabilize,” S&P said.
The outlook is negative.
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