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Stock impact report

Hillenbrand downgraded to 'junk' territory at Fitch [MarketWatch]

Hillenbrand Inc (HI) 
Last hillenbrand inc earnings: 2/5 06:07 pm Check Earnings Report
Company Research Source: MarketWatch
Hillenbrand Inc.'s credit rating was cut Monday into "junk" territory at Fitch Ratings, citing expectations that the pace of the company's deleveraging following the acquisition of Milacron will slow because of the coronavirus-related economic slowdown. Fitch downgraded the maker of engineered industrial equipment's issuer default rating (IDR) to BB+ from BBB-, which was the lowest investment grade rating. The Milacron deal, which closed in November, was valued at $1.9 billion including debt. Fitch said the rating has a negative outlook, to reflect heightened COVID-19-related risk levels, potential challenges in integrating Milacron and the risk of an extended downturn in plastic equipment markets. "The effect of coronavirus is expected to be felt in the final three quarters of fiscal 2020 (to end in September 2020), when sales and margins are expected to contract materially, followed by a sales and margin recovery beginning in fiscal 2021," Fitch said. Hillenbrand's stock, which surg Show less Read more
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