S&P puts MRC Global (US) on watch

S&P said it placed its ratings for MRC Global (US) Inc. on CreditWatch with negative implications.

“We believe MRC's leverage may increase this year because depressed oil prices will likely lead its customers to further reduce their capex budgets and spending in 2020 and 2021. Oil prices plummeted following the announcement that OPEC+ and Russia failed to agree to further production cuts following a significant drop in global demand due to the spread of the coronavirus,” said S&P in a press release.

S&P plans to resolve the placement in the next couple of months after it gets some clarity around how the recent oil price decline will affect its customers' spending budgets and demand.

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