S&P lifts Kloeckner outlook to positive

Standard & Poor's said it revised its outlook on Kloeckner & Co. AG to positive from stable.

The BB long-term corporate credit rating on Kloeckner was affirmed, the agency added.

In addition, S&P said it withdrew its B+ rating on the remaining €170 million of its €260 million subordinated bonds issued by Kloeckner Investment S.C.A. and guaranteed by Kloeckner, following its repayment according to the contractual regulations.

S&P added that the ratings on Kloeckner reflect its high leverage, relatively low cash generation and high level of working-capital intensity while they also reflect the competitive and fragmented nature of the metal distribution industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.