Wood Panels Producer Pfleiderer Affirmed At 'B+'; Outlook Stable

Despite weaker operating performance in the first half of 2019, we expect Poland-based wood panels producer Pfleiderer Group S.A. to generate positive free operating cash flow generation (FOCF) for year-end 2019. We forecast Pfleiderer's credit metrics to remain in line with our expectations for a 'B+' rating. We are therefore affirming our 'B+' long-term issuer credit rating on Pfleiderer and our 'B+' rating on its senior secured facilities. The stable outlook reflects our expectation that Pfleiderer will generate material positive FOCF in 2019. LONDON (S&P Global Ratings) Oct. 30, 2019--S&P Global Ratings said today that it took the rating actions listed above. The affirmation reflects our expectation that Pfleiderer's credit measures will underperform our previous forecast, but remain commensurate with

...October 30, 2019 - Despite weaker operating performance in the first half of 2019, we expect Poland-based wood panels producer Pfleiderer Group S.A. to generate positive free operating cash flow generation (FOCF) for year-end 2019. - We forecast Pfleiderer's credit metrics to remain in line with our expectations for a 'B+' rating. - We are therefore affirming our 'B+' long-term issuer credit rating on Pfleiderer and our 'B+' rating on its senior secured facilities. - The stable outlook reflects our expectation that Pfleiderer will generate material positive FOCF in 2019. LONDON (S&P Global Ratings) Oct. 30, 2019--S&P Global Ratings said today that it took the rating actions listed above. The affirmation reflects our expectation that Pfleiderer's credit measures will underperform our previous forecast, but remain commensurate with a 'B+' issuer credit rating. During the first half of 2019, Pfleiderer's S&P Global Ratings-adjusted EBITDA margin was low at about 10% (down from 14% in 2018)....

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