Research Update: Hungarian-Fertilizer Producer Nitrogenmuvek Downgraded To 'B-' On Weak Operating Performance; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Hungarian-Fertilizer Producer Nitrogenmuvek Downgraded To 'B-' On Weak Operating Performance; Outlook Stable

Research Update: Hungarian-Fertilizer Producer Nitrogenmuvek Downgraded To 'B-' On Weak Operating Performance; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Hungarian-Fertilizer Producer Nitrogenmuvek Downgraded To 'B-' On Weak Operating Performance; Outlook Stable
Published Oct 12, 2018
Published Oct 12, 2018
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About This Report

  
Abstract:

Nitrogenmuvek's EBITDA declined further in the first half of 2018 due to a sharp increase in natural gas costs and lower volumes resulting from adverse weather conditions. Therefore, we forecast a significant deterioration in Nitrogenmuvek's credit metrics, anticipating adjusted debt to EBITDA of over 10x in 2018, compared with our expectation of below 6x in May 2018. We are therefore lowering our long-term ratings on Nitrogenmuvek to 'B-'. The stable outlook reflects our expectation that Nitrogenmuvek's credit metrics will gradually recover on the back of a moderate increase in average fertilizer prices in 2019, with adjusted debt to EBITDA improving to 6.5x-7.0x in 2019. On Oct. 12, 2018, S&P Global Ratings lowered to 'B-' from 'B' its long-term issuer credit

  
Report Type:

Research Update

Ticker
680840Z@HB
Issuer
Sector
Global Issuers
Country
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Hungarian-Fertilizer Producer Nitrogenmuvek Downgraded To 'B-' On Weak Operating Performance; Outlook Stable" Oct 12, 2018. Alacra Store. Oct 15, 2018. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Hungarian-Fertilizer-Producer-Nitrogenmuvek-Downgraded-To-B-On-Weak-Operating-Performance-Outlook-Stable-2112757>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Hungarian-Fertilizer Producer Nitrogenmuvek Downgraded To 'B-' On Weak Operating Performance; Outlook Stable Oct 12, 2018. New York, NY: Alacra Store. Retrieved Oct 15, 2018 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Hungarian-Fertilizer-Producer-Nitrogenmuvek-Downgraded-To-B-On-Weak-Operating-Performance-Outlook-Stable-2112757>
  
US$ 225.00
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