Moody’s downgrades credit rating for Anchor Glass
October 31, 2019 - Anchor Glass Container Corp. continues to struggle to restore key metrics, according to Moody’s Investor’s Service. The credit agency downgraded the corporate family rating of the Tampa-based glass packaging manufacturer to B3 from B2. Both are highly speculative, non-investment grade ratings. In its Oct. 30 report, Moody’s cited several extraordinary events that impacted Anchor, including an explosion, a lightning strike and a fire at its facilities, and the loss of a major brand from a customer that converted to plastic. The ratings outlook is negative, reflecting uncertainty around free cash generation, Moody’s said. Anchor, a portfolio company of CVC Capital Partners, operates six manufacturing plants in Florida, Georgia, Indiana, Minnesota, New York and Oklahoma and generated about $569 million in revenue for the 12 months ended June 30, 2019, Moody’s said.