S&P revises Garrett view to negative

S&P said it revised the outlook for Garrett Motion Inc. to negative from stable.

“We expect the effects of Covid-19 will hamper Garrett Motion’s EBITDA and free operating cash flow (FOCF) in 2020. Given Garrett Motion’s large supply base in China and our expectation of lower global auto demand following the outbreak of the novel coronavirus, we expect the company’s operating performance will deteriorate in 2020,” said S&P in a press release.

S&P affirmed its BB- ratings on Garrett and the company’s debt.

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