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S&P upgrades Fibrek
Standard & Poor's said it raised the long-term corporate credit rating on Fibrek Inc. (formerly SFK Pulp Fund) to B- from CCC+ and on the company's senior secured bank facility to B from CCC+. The recovery rating was revised to 2 from 3.
The outlook is positive. Ratings were removed from CreditWatch where they had been placed with positive implications May 18.
"We base the upgrade on our expectations that Fibrek's completion of its refinancing transactions will significantly reduce debt and contribute to stronger liquidity and credit metrics," S&P analyst Jatinder Mall said in a statement.
The agency said it expects the company's credit measures to improve markedly with debt-to-EBITDA ratio less than 3x.
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