S&P revises SGLT Holding view to negative

S&P said it revised its outlook to negative from stable but affirmed its B long-term issuer credit ratings on SGLT Holding I LP and its finance subsidiary SGL TransGroup International A/S. The agency also affirmed its B issue rating on the senior secured bonds issued by SGL TransGroup. The 4 recovery rating on the bonds is unchanged.

“SGLT's earnings are relatively resilient amid difficult trading conditions due to the Covid-19 pandemic; however, we expect EBITDA (after special items) for 2020 to remain below our October 2019 forecast,” S&P said in a press release.

The outlook reflects one-in-three possibility S&P would lower SGLT’s rating in the next 12 months if its leverage and FOCF (after leases) do not improve as expected, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.