...June 12, 2023 PRINCETON (S&P Global Ratings) June 12, 2023--S&P Global Ratings said today that its 'A' ratings on 3M Co. remain on CreditWatch with negative implications following the news that the company is in negotiations to settle claims relating to its aqueous film forming foam (AFFF), part of ongoing litigation related to perfluoroalkyl and polyfluoroalkyl substances (PFAS). On June 5, 2023, the judge presiding over the multidistrict litigation delayed the first AFFF trial up to 21 days. We continue to monitor the PFAS-related litigation and expect to update our view on the potential credit impact upon further developments. Rising leverage and the risk of more legal or environmental obligations continue to weigh on the company's financial risk profile. Moreover, the separation of the higher-margin health care business could lead us to downgrade 3M. Any combination of more organic earnings decline, escalating legal or environmental costs, or large debt-like obligations could further...
