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S&P turns Kennametal view to stable
S&P said it changed Kennametal Inc.’s outlook to stable from negative and affirmed its BBB issuer rating.
“The outlook revision follows the company's better-than-expected free cash flow generation and improved credit measures. Kennametal reported better-than-expected revenue in fiscal 2021; its full-year revenue decline was limited to about 2% by sequential improvement in its end-market demand and pricing actions,” S&P said in a press release.
S&P said it sees EBITDA growth will enable Kennametal to lower its debt to EBITDA to just below 2x by year-end 2022.
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