S&P revises Kennametal view downward

S&P said it revised the outlook for Kennametal Inc. to negative from stable and affirmed the company’s BBB rating.

“The rating action reflects the probability that weak global macroeconomic conditions sparked by the Covid-19 pandemic will significantly reduce demand for Kennametal's products over the near term and cause credit ratios to deteriorate, including adjusted leverage nearing 3x or more. Adjusted leverage as of Dec. 31, 2019, was about 2.2x,” said the agency in a press release.

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