S&P shifts Albany Molecular view to stable

S&P said it revised the outlook for Albany Molecular Research Inc. to stable from negative and affirmed the company’s B- rating.

“Albany Molecular improved its operating performance, including top-line growth and increased profitability, following challenges in 2018 and 2019. In the past 12 months, its new management team significantly improved margins through cost-cutting and plant optimization, including divesting certain unprofitable sites,” S&P said in a press release.

The stable outlook mirrors Albany Molecular’s leverage in the 6x-7x range, cash balances of about $40 million, the full availability of its revolver and improved cash flow generation, S&P said.

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