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S&P trims LSB Industries
S&P said it downgraded the ratings on LSB Industries Inc. and its 9 5/8% notes to CCC from CCC+.
“We now expect 2020 EBITDA and credit metrics will remain weaker than 2019 levels given weak agriculture pricing and the current global recession. Following a weak 2019 planting season that was affected by poor weather, the company’s earnings will continue to be pressured by weak fertilizer prices stemming from oversupply and the ongoing recession,” S&P said in a press release.
The agency said it forecasts LSB’s leverage staying in the double digits over the next 12 months and that it continues to see the company’s leverage as unsustainable.
The outlook is negative.
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