Carpenter Technology Corp. Outlook Revised To Negative From Stable, 'BBB-' Rating Affirmed

U.S. specialty alloys producer Carpenter Technology Corp.'s credit metrics will be materially weaker than anticipated over the next 24 months as a result of the disruption to its aerospace customers from the coronavirus pandemic. We have affirmed our 'BBB-' rating and revised the outlook to negative from stable. At the same time, we are affirming our 'BBB-' issue-level ratings on the company's unsecured debt. The negative outlook indicates we expect leverage to increase materially in fiscal years 2021 and 2022 following the disruption to the commercial aerospace market from the pandemic. NEW YORK (S&P Global Ratings) June 24, 2020--S&P Global Ratings today took the rating actions listed above. Carpenter's credit metrics will likely be materially weaker than anticipated over the

...June 24, 2020 - U.S. specialty alloys producer Carpenter Technology Corp.'s credit metrics will be materially weaker than anticipated over the next 24 months as a result of the disruption to its aerospace customers from the coronavirus pandemic. - We have affirmed our '###-' rating and revised the outlook to negative from stable. - At the same time, we are affirming our '###-' issue-level ratings on the company's unsecured debt. - The negative outlook indicates we expect leverage to increase materially in fiscal years 2021 and 2022 following the disruption to the commercial aerospace market from the pandemic. NEW YORK (S&P Global Ratings) June 24, 2020--S&P Global Ratings today took the rating actions listed above. Carpenter's credit metrics will likely be materially weaker than anticipated over the next two fiscal years. The significant reduction in global air travel has led to airlines deferring or cancelling orders. At the same time, commercial aircraft manufacturers reduced production...

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