S&P revises Horsehead to stable

Standard & Poor's said it revised its rating outlook on Horsehead Holding Corp. to stable from negative.

At the same time, the agency affirmed the B- corporate credit rating.

S&P also affirmed its B- issue-level rating on the company's senior secured notes. The recovery rating is 4, indicating an expectation for average (30% to 50%; at the lower end of the range) recovery of principal in the event of a payment default.

S&P said the outlook revision reflects the actions Horsehead has taken to improve its liquidity position to "adequate" from "weak," as defined in its criteria. The agency expects that the company's cash balance after the recent equity offering in January will provide some relief as the company works toward being fully operational at the new Mooresboro facility.

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