S&P elevates Harsco

S&P said it raised its corporate credit rating on Harsco Corp. to BB from BB-. The outlook is stable.

S&P also raised its issue level ratings on Harsco's senior secured credit facility to BB+ from BB. The recovery rating on the senior secured credit facility remains unchanged at 2, which indicates substantial recovery (70%-90%; rounded estimate: 75%) in the event of a payment default.

“The upgrade reflects our expectation that Harsco will maintain its recently improved credit measures, including a debt-to-EBITDA metric well below 4x. We also believe the company's financial policy decisions will support this level of leverage over the next 12 to 18 months,” S&P said in a news release.

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