S&P cuts Oxbow Carbon

S&P said it downgraded the rating of Oxbow Carbon LLC’s first-lien term loans to BB- from BB and the company’s rating to B+ from BB-. The recovery rating of 2 on the loans is unchanged.

“We expect Oxbow to face challenging macroeconomic conditions through the rest of 2020 amid the Covid-19 pandemic. S&P Global Ratings now estimates North America real GDP will contract by 5.2% though the Asia-Pacific region real GDP will grow marginally by 0.7% in 2020. Oxbow generates approximately 40% and 30% of its revenues from these regions, respectively,” S&P said in a press release.

The outlook is negative.

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