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S&P Downgrades ThyssenKrupp’s Rating to BB
06/08/2012 - Ratings agency Standard & Poor (S&P) has downgraded ThyssenKrupp’s long-term rating to BB from BB+ on high debt levels and weak forecasts for the full 2012 year.
Ratings agency Standard & Poor (S&P) has downgraded ThyssenKrupp’s long-term rating to BB from BB+ on high debt levels and weak forecasts for the full 2012 year, the credit rating agency said earlier this week.
Following results for the first six months of 2012, the agency expects a “very weak” performance for the full year due to high losses made by the German group’s Steel Americas business and lower-than-expected profits in its European steel division. S&P confirmed its short-term B rating and negative outlook, warning that it could downgrade ratings further in the next 12 months if progress is not made.
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