3M

Falls es unterging:

Am 24.02.2020 hat die S&P Ratingagentur 3M runtergestuft von AA- auf A+

"3M Downgraded To 'A+' On Continued End-Market Pressure, High Leverage; Outlook Negative

• 3M Co.'s end-market challenges, primarily stemming from continued weakness in China, automotive, and electronics, coupled with additional debt to finance its recent acquisition of Acelity L.P., will result in prolonged high leverage for the rating, in our view.
  
  
• Moreover, potential perfluoroalkoxy alkanes (PFAS) liabilities remain an overhang to the rating. We have not quantified potential reserves or settlements, but adverse events could significantly weaken the company's already stretched credit metrics.
  
  
• As a result, we are lowering our ratings on 3M, including our issuer-credit rating to 'A+' from 'AA-' and our short-term rating to 'A-1' from 'A-1+'. The rating outlook is negative.
  
  
• The negative outlook reflects the potential that we could lower the rating further if the company fails to improve its debt to EBITDA to below 2x and maintain free operating cash flow (FOCF) to debt above 25% over the next 12-24 months. This could occur if the company experiences further reserves or settlements over environmental or product liabilities, and/or if the company's underperforming end markets remain weak from muted global economic growth."
  

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