S&P changes Carpenter to negative

Standard & Poor's said it revised the outlook on Carpenter Technology Corp. to negative from stable and affirmed the BBB corporate credit and issue-level ratings.

"The negative outlook reflects our view that Carpenter's debt to EBITDA will be about 3.5x in fiscal 2016, which is above the 2x to 3x range expected for the company's intermediate financial risk profile," S&P credit analyst William Ferara said in a news release.

"We expect sales to remain under pressure due to weak demand in some of the company's end markets and for share repurchases to slightly pressure credit metrics."

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