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On December 17, 2020, S&P Global Ratings lowered its issuer credit rating on AMG Advanced Metallurgical Group N.V. to B+ from BB-. Leverage may remain weaker than the previous base case forecast if metals prices and demand do not improve as expected, leading to a risk of slower deleveraging in 2021, according to the ratings agency. S&P Global expects debt to EBITDA to remain above 10x this year and to trend below 7x in 2021. While the worst of the pandemic drag should be behind AMG in terms of demand, supply surplus in key metal markets still weighs down metal prices, the ratings agency notes.
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