Key highlights
- Scope Ratings affirmed Elkem's issuer rating at BBB- and assigned a Negative Outlook.
- Scope cited weak 2025 results as a driver of the Negative Outlook.
- Limited deleveraging from Elkem's Silicones divestment constrained balance-sheet improvement.
- Elkem targets further cost cuts and debt reductions to restore investment-grade metrics.
Rating decision
Scope Ratings affirmed Elkem’s issuer rating at BBB- and assigned a Negative Outlook.
Scope's rationale
Scope states the affirmed rating reflects an unchanged financial risk profile that offsets a lowered business risk profile; the Negative Outlook is driven by weak 2025 results and limited deleveraging from the Silicones divestment.
Company position
Elkem remains committed to maintaining an investment-grade profile and is targeting further cost and debt reductions to sustain robust financial metrics; the Scope rating report was attached to the announcement.
