S&P turns Oxbow outlook to positive

S&P said it changed its outlook for Oxbow Carbon LLC to positive from stable and affirmed its B+ issuer rating. The agency also affirmed the BB- issue-level and 2 recovery ratings on the company's secured loans.

“Oxbow's earnings continue to expand significantly, spurred by strong pricing and demand in all segments despite a drop in marketing volumes. We expect Oxbow's EBITDA will increase by 20%-30% in 2022 because of significant price increases in all of the company's segments,” S&P said in a press release.

The improved outlook indicates the possibility of an upgrade within the next 12 months if Oxbow keeps its adjusted leverage below 3x.

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