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S&P trims Mercer
S&P said it lowered its ratings on Mercer International Inc. and its unsecured debt to B from B+ and revised the recovery rating on the unsecured notes to a weaker 4 from 3.
“We believe free operating cash flow deficits in recent quarters have contributed to a meaningful deterioration in Mercer's liquidity profile. Our downgrade of Mercer primarily reflects our view that the company's liquidity position has deteriorated owing to weaker-than-expected financial results in recent quarters and acquisitions completed since 2021, most of which were in the wood products segment,” the agency said in a statement.
S&P noted that as of June 30, Mercer's liquidity, including cash and availability under its revolving credit facilities, was about $446 million, down from about $771 million at the same time last year.
The outlook is negative.
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