On December 22, 2020, S&P Global Ratings lowed its issuer credit on JW Aluminum, Inc. to CCC+ from B. The downgrade was triggered because of potentially weak cash flow and tight liquidity over the next 12 months caused by three fires at Mount Holly, according to the ratings agency. Credit metrics are currently pressured, the Company will end 2020 with S&P adjusted leverage over 10x and EBITDA interest coverage less than 1x. The Mount Holly plant produces the majority of JWA's total volumes. S&P expects the Mount Holly plant to continue to run while repairs are ongoing. However, the ratings agency expects the operation to be less efficient, with some strains on capacity until repairs are complete.

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