S&P cuts Stoneridge

S&P said it downgraded Stoneridge Inc. to B+ from BB-, citing lower sales volumes caused by the pandemic that could lead to profitability below the agency’s previous forecast.

“This may result in debt to EBITDA in 2020 being above our previous expectations of below 3x. However, once volumes pick up and some restructuring charges drop off, we expect debt to EBITDA to materially improve,” S&P said in a press release.

The outlook is negative.

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