S&P ups Emerald Performance loan to B+

Standard & Poor's said it raised its issue-level rating on Emerald Performance Materials LLC's first-lien term loan to B+ from B and revised the recovery rating on this debt to 2, indicating an expectation of substantial (70% to 90%) recovery of principal in the event of a default.

At the same time, S&P affirmed its B corporate credit rating on Emerald Performance Holding Group LLC. The outlook is stable.

S&P said the upgrade of the first-lien debt reflects the company's growth and increased profitability as a result of its significant investments in benzoic-acid based plasticizers (K-Flex) at both its Kalama and Rotterdam facilities.

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