S&P changes Albaugh outlook to negative

S&P said it changed its outlook for Albaugh LLC to negative from stable and affirmed its BB- ratings on the company and its senior secured debt. The recovery rating on the debt is 2 (75%).

“We expect earnings and credit metrics at mainly commodity crop protection company, Albaugh LLC, will remain weak in 2023, despite our assumption for some near-term improvement,” S&P said in a press release.

“The company's S&P Global Ratings-adjusted debt to EBITDA is likely to be at or slightly above 8x at the end of the third quarter of 2023, but then improve beyond that. We anticipate a stronger fourth quarter (relative to the very weak second quarter) and the rolling off of last year's zero EBITDA fourth quarter in our debt leverage calculations will result in an improvement to levels between 5x-6x at year-end 2023,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.