Forterra Announces Rating Upgrade by Moody’s
30 Septiembre 2020 - 7:06PM
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 September 29, 2020, Moody’s Investors Service (“Moody’s”)
upgraded Forterra Finance, LLC (a subsidiary of Forterra)’s
Corporate Family Rating (“CFR”) to B1 from B3, Probability of
Default Rating (“PDR”) to B1-PD from B3-PD and senior secured
ratings to B2 from B3. Moody’s also upgraded the Speculative Grade
Liquidity Rating to SGL-2 from SGL-3. The outlook remains stable.
Forterra’s Executive Vice President and CFO
Charlie Brown commented, “We are pleased to see the rating upgrade.
We have demonstrated significant momentum over the past several
quarters in both earnings’ growth and debt reduction. 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.”
About Forterra
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.
Forward-Looking Statements
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.
Some of the risks and uncertainties that could
cause actual results to differ materially from those expressed in
any forward-looking statements include risks and uncertainties
relating to the impacts of the COVID-19 pandemic; the level of
construction activity, particularly in the residential construction
and non-residential construction markets; government funding of
infrastructure and related construction activities; the highly
competitive nature of our industry and our ability to effectively
compete; the availability and price of the raw materials we use in
our business; the ability to implement our growth strategy; our
dependence on key customers and the absence of long-term agreements
with these customers; the level of construction activity in Texas;
energy costs; disruption at one or more of our manufacturing
facilities or in our supply chain; construction project delays and
our inventory management; our ability to successfully integrate
acquisitions; labor disruptions and other union activity; a
tightening of mortgage lending or mortgage financing requirements;
the possibility that HeidelbergCement will dispute the arbitrator’s
recent decision that no earnout payment is owed; compliance with
environmental laws and regulations; compliance with health and
safety laws and regulations and other laws and regulations to which
we and our products are subject to; our dependence on key
executives and key management personnel; our ability, or that of
the customers with which we work, to retain and attract additional
skilled and non-skilled technical or sales personnel; credit and
non-payment risks of our customers; warranty and related claims;
legal and regulatory claims; the seasonality of our business and
its susceptibility to adverse weather; our contract backlog; our
ability to maintain sufficient liquidity and ensure adequate
financing or guarantees for large projects; delays or outages in
our information technology systems and computer networks; security
breaches in our information technology systems and other
cybersecurity incidents and additional factors discussed in our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for
additional information regarding the risks and uncertainties that
may cause actual results to differ materially from those expressed
in any forward-looking statement.
Source: Forterra, Inc.
Company Contact Information:Simon ChenVice President, Treasury
and Investor Relations469-299-9113IR@forterrabp.com
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