S&P cuts Koppers

S&P said it downgraded Koppers Holdings Inc. and the rating on its unsecured notes to B from B+. The recovery rating remains 4.

“The downgrade reflects our expectation that economic recessions in many parts of the world, including in the U.S., will depress Koppers' EBITDA and weaken credit metrics in 2020,” said S&P in a press release.

“In 2020, we believe the coronavirus pandemic will reduce demand for its products, as consumer spending plunges and business investments decline. The drop in oil prices makes conditions worse,” the agency said.

The outlook is negative.

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