Moody's rates CII Carbon, Rain Calcining loans B1, notes B3

Moody's Investors Service said it assigned a B2 corporate family rating and a B2 probability-of-default rating to CII Carbon LLC, along with a B1 rating to its secured bank facility and a B3 rating to CII's and CII Carbon Corp.'s (co-issuers) $235 million guaranteed senior subordinated notes due 2015.

Moody's also said it assigned a B2 corporate family rating to Rain Calcining Ltd. (the parent of CII) and a B1 rating to Rain Calcining's secured bank facility. CII was acquired by Rain Calcining in July. The equalization of the two corporate family ratings incorporates Moody's view that Rain Calcining's acquisition of CII Carbon has strategic benefits that will inure to the benefit of both companies.

The ratings on Rain Calcining reflect the combined entity's position as the world's largest producer of calcined petroleum coke with this strong market position, Moody's said.

Key challenges for the ratings include the high financial risk profile, execution and integration risks and that it is domiciled in a developed market, the agency said.

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