S&P changes Horizon Global view to developing

S&P said it changed the outlook for Horizon Global Corp. to developing on the company’s announcement to sell its Asia-Pacific business for about $230 million and use the money to repay and refinance debt.

“If this were to occur, we believe Horizon would likely remain in compliance with its financial covenants and not pursue a distressed exchange over the next year,” said S&P in a news release.

S&P affirmed its ratings for the company.

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