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S&P puts Metso on watch
S&P said it placed its BBB ratings on Metso Corp. on CreditWatch with negative implications, indicating the high likelihood of a downgrade, most likely to the BB range.
Metso intends to combine its minerals division with Outotec, creating a new entity called Metso Outotec by the second quarter of 2020.
“If the transaction closes as proposed, Metso Flow Control (24% of Metso Corp.'s EBITA in 2018) will constitute the new Metso – to be renamed Neles – while the mineral operations, management, and associated bonds will be transferred to Metso Outotec,” the agency said in a news release.
“Our credit analysis on Metso Corp will be based on the remaining operations, Neles (Metso Flow Control). We believe the new Metso will not benefit from the same scale and diversification as the current Metso, and we have limited visibility on its leverage and investment and rating-related plans.”
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