S&P puts Granite US on positive watch

S&P said it placed its ratings for Granite US Holdings Corp. on CreditWatch with positive implications after it considerably outperformed the agency’s forecast for the second quarter.

“Despite the pressures associated with Covid-19, the company's top line held up relatively well, with revenues that were flat compared to the prior-year period. Similarly, reported EBITDA margins also stayed intact. We believe the long-cycle nature of the business gives the company insight into its future revenues and allows it to reduce costs if necessary,” S&P said in a press release.

However, orders declined 15% year over year in the second quarter and aftermarket orders fell 23%, the agency said.

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