Moody's views Ferroglobe positively

Moody's Ratings said it changed Ferroglobe plc's outlook to positive from stable. Concurrently, Moody's affirmed its B2 long-term corporate family rating and its B2-PD probability of default rating.

"The positive outlook reflects Ferroglobe's further reduction in debt with the full repayment of its notes, resulting in low Moody's-adjusted debt/EBITDA of 1.1x for 2023 and Moody's expectation that metrics will remain strong for the B2 rating in 2024 despite a relatively weak market environment currently," said Tobias Wagner, a Moody's vice president and senior credit officer, in a press release.

Last month, the company repaid Ferroglobe Finance Co. plc’s notes, which cut its Moody's-adjusted debt to around $175 million from an estimated $331 million at year-end 2023 and $562 million at year-end 2022.

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