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S&P lowers K+S, bonds to BB
S&P said it lowered its long-term corporate credit rating on K+S AG to BB and affirmed the short-term rating at B.
The outlook is stable.
S&P also lowered the issue ratings on its four senior unsecured bonds due Dec. 2018, Dec. 2021, June 2022 and April 2023 to BB. The recovery ratings are unchanged at 3, reflecting an expectation of meaningful recovery (50%-70%; rounded estimate 55%) in the event of a payment default.
The agency said the rating follows its revised S&P-adjusted EBITDA forecast for K+S of €700 million to €720 million in 2017, down from the €850 million to €900 million forecasted in April.
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