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S&P ups EES Coke notes to BB
Standard & Poor's said it raised its rating on EES Coke Battery LLC's series B $75 million ($33.8 million outstanding) senior secured notes due 2007 to BB from B+.
S&P said the upgrade reflects EES Coke's entering into an agreement with International Steel Group Inc. (BB/positive/--) for a portion of coke production in 2005 and 100% of production from 2006 to 2015.
As a result of the International Steel agreement and other contractual commitments for 2004 and 2005 production, EES Coke is now fully contracted well beyond the term of the debt, S&P said. The outlook is positive.
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