S&P cuts Atotech U.K. Topco

S&P said it downgraded its ratings for Atotech U.K. Topco Ltd. and its debt to B-, citing the coronavirus’ effect on manufacturing in China and reduced demand for electronics and light vehicles.

“We now forecast that Atotech's S&P Global Ratings-adjusted EBITDA will decline to $315 million in 2020 from $331 million in 2019, causing adjusted leverage to rise above 7x; previously, we forecasted a ratio of 6x-7,” the agency said in a press release.

The outlook is stable.

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