Forterra Announces Rating Upgrade by S&P
IRVING, Texas, Oct. 05, 2020 (GLOBE NEWSWIRE) -- Forterra, Inc. (“Forterra” or “the Company”) (NASDAQ: FRTA), a leading manufacturer of water and drainage infrastructure pipe and products in the
United States and Eastern Canada, today announced that on October 2, 2020, S&P Global Ratings (“S&P”) upgraded the Company’s issuer credit rating to B from B-, and issuer-level ratings on
the Company’s term loan and senior secured notes to B from B-. The outlook remains stable.
Forterra’s Executive Vice President and CFO Charlie Brown commented, “We are pleased to see the rating upgrade by S&P following Moody’s upgrade last week. This again reflects the significant improvements we have made recently as well as the momentum ahead of us. We will continue to execute on our five improvement pillars to further expand unit margins, decrease working capital investments, and use the increased cash flow to reduce our debt to achieve our leverage target of 3.0-3.5x in the near term.”
Forterra is a leading manufacturer of water and drainage pipe and products in the U.S. and Eastern Canada for a variety of water-related infrastructure applications, including water transmission, distribution, drainage and stormwater systems. Based in Irving, Texas, Forterra’s product breadth and scale help make it a preferred supplier for water-related pipe and products, serving a wide variety of customers, including contractors, distributors and municipalities. For more information on Forterra, visit http://forterrabp.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements.