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S&P lowers MasTec to negative
Standard & Poor's said it revised the outlook on MasTec Inc. to negative from stable and affirmed its BB corporate credit rating on the company.
The agency also said it affirmed the BB- rating on the company's $400 million senior unsecured notes due 2023.
The outlook revision reflects that a chance that the agency could lower the company’s corporate credit during the next year if its adjusted debt-to-EBITDA metric remains at more than 3.5x for an extended period, S&P said.
MasTec sustained weaker-than-expected credit measures in 2015 due to weak market conditions and execution issues, the agency said.
The company's performance is expected to improve in 2016, but S&P said it recognizes uncertain trends in some of its end markets.
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