S&P revises Ethyl outlook to positive

Standard & Poor's said it revised its outlook on Ethyl Corp. to positive from stable as a result of the company's continued debt reduction, favorable business prospects and an improved financial profile.

At the same time, S&P affirmed its ratings on the company, including the B+ corporate credit rating and senior secured bank loan rating and B rated senior unsecured notes.

S&P said the outlook revision reflects Ethyl's strengthening financial profile following continued debt reduction and an improvement in operating results. Leverage measures have improved during the past year, aided by good free cash generation from the company's core operations and proceeds from the sale of assets.

The ratings reflect Ethyl Corp.'s below-average business profile that reflects the highly competitive nature of the global petroleum additives industry, exposure to volatile raw material costs and the vagaries of economic cycles, offset by an improved financial profile following the company's recent refinancing and continued debt reduction efforts.

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