Fitch revises Vantage view to negative

S&P said it revised its outlook for Vantage Specialty Chemicals, Inc. to negative from stable and affirmed its B issuer default rating. The agency also affirmed the B+RR3 senior secured ratings.

“The negative outlook is informed by Vantage's weaker operating performance and higher EBITDA leverage in 2023, coupled with a need to address its upcoming revolver maturity. Fitch anticipates that EBITDA leverage will remain high through 2024 and gradually improve thereafter,” the agency said in a press release. Vantage’s EBITDA leverage for 2023 was 6.7x.

Vantage’s $100 million revolver matures in April 2025.

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