S&P lowers Flender

S&P said it trimmed its ratings for Zephyr German Topco GmbH (Flender) to B from B+. The 3 recovery rating on the debt is unchanged.

“We lowered the ratings because the group's deleveraging will likely be slower than our forecast. Lender’s wind OEMs continue to experience challenging market conditions. This translated in a reduction of 21% of gigawatts delivered for the first nine months of 2022 compared with the same period a year earlier. Wind OEM customers postponing orders, coupled with rising material cost increase and supply chain disruption in first-half 2022, have weighed on Flender's profitability and cash flows,” S&P said in a press release.

The agency said it now projects for fiscal years 2022 and 2023 an S&P Global Ratings-adjusted EBITDA margin of about 9%, compared with about 11% in its prior forecast.

The outlook is negative.

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