Fitch downgrades Ferroglobe, cites Si decline

Credit ratings agency Fitch Ratings has downgraded Ferroglobe for the third time in a year, citing the company’s limited ability to sell additional assets while enduring continued declines in silicon prices.

In the latest downgrade, to a rating of ‘CCC-‘ from 'CCC+', Fitch said it does not expect an improvement in silicon metal prices until 2021, “with recovery likely to be slow and fragile”.

“Although supply cuts by producers somewhat mitigate the 2020 demand shock, we expect 2020 silicon metal prices to fall by at least high single-digits following...

Published

Orla O'Sullivan

June 25, 2020

05:07 GMT

New York