S&P cuts K+S

S&P said it lowered its rating for K+S AG to B+ from BB-, noting a depressed and uncertain environment for potash prices.

The agency forecasts K+S' S&P Global Ratings-adjusted EBITDA to be about €550 million-€570 million in 2020, leading to adjusted leverage of about 7.7x-7.9x. This contrasts with the agency’s previous expectation that K+S may have deleveraged to about 5.2x-5.5x in 2020.

The outlook is negative.

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