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S&P puts SGL Carbon on positive watch
S&P said it placed SGL Carbon SE’s B- issuer rating and B senior secured debt rating on CreditWatch with positive implications.
On Wednesday, SGL reported it placed €102 million of convertible bonds, maturing in 2027, and used the proceeds to repurchase €87 million of convertible bonds.
“Earlier this month, the company revised upward its EBITDA guidance for 2022, which should translate into higher cash flows. Visibility on results for 2023 remains very limited given the energy crisis in Europe and the potential recession,” S&P said in a press release.
The positive watch indicates the expectation of upgrading SGL in the coming three months, once the company refinances its €175 million revolver and when the agency has a higher level of confidence about the company's EBITDA in 2023, the agency said.
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