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Fitch cuts Cullinan
Fitch Ratings said it downgraded Cullinan Holdco SCSp's (Graanul) senior secured notes to BB- from BB+ and its long-term issuer default rating to B+ from BB-.
“The downgrade reflects our expectations of a sharp increase in leverage in 2023, driven by our forecast of a decline in EBITDA due to a drop in pellets prices as a result of high inventories and weak demand. We forecast a subdued recovery in 2024 and 2025, resulting in leverage ratios remaining above our previous negative sensitivity of 4.3x,” the agency said in a press release.
Fitch said it forecast Cullinan’s EBITDA net leverage to increase to around 5.3x in 2023 from 4.4x in 2022.
The outlook is stable.
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