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S&P shifts Sequa view to stable
S&P said it revised Sequa Corp.’s outlook to stable from negative and affirmed the CCC+ issuer rating.
“We Expect Sequa's credit metrics will begin to recover in 2021.The company's debt to EBITDA weakened to about 9.9x in 2020 because of the lower demand stemming from the effects of the coronavirus pandemic,” S&P said in a press release.
As the air travel industry recovers, S&P said it sees Sequa’s Chromalloy business rebounding.
“Specifically, we now forecast the company will improve its debt to EBITDA to about 7.4x-7.8x in 2021 and 6.7x-7.1x in 2022,” the agency said.
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