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S&P lowers Hyde’s credit rating due to higher-than-expected sales exposure
Credit rating agency raises concern about short-term risk but says Hyde’s ‘third-party’ investor strategy could lower exposure in the longer term
Standard & Poors (S&P) has lowered Hyde’s credit rating due to its sales exposure.
The credit rating agency moved Hyde from ‘A+’ to ‘A’ with a negative outlook. It said Hyde is investing heavily in existing stock and has higher-than-expected direct exposure to sales activities, which together with market conditions, will keep its Earnings Before Interest, Taxes, Depreciation, and Amortization( EBITDA) margin below 20% in the next two years.
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