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S&P lowers Vallourec to B-
S&P said it lowered to B- from B its long-term issuer credit rating on Vallourec and affirmed the short-term issuer credit rating at B. The outlook is negative.
At the same time, S&P lowered to B- from B the issue rating on Vallourec's senior unsecured debt. The recovery rating is 3, reflecting recovery expectations of 50%-70% (rounded estimate: 50%) in the event of payment default.
“The downgrade reflects Vallourec's weaker-than-anticipated performance in the first nine months of 2018, despite favorable oil prices and high levels of activity in the U.S.,” S&P said in a news release.
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