Moody's changes Oxbow view to positive

Moody's Investors Service said it changed the outlook for Oxbow Carbon LLC's to positive from stable and affirmed Oxbow's B2 corporate family rating, B2-PD probability of default rating and B1 rating of the senior secured revolving credit facility, term loan A and term loan B.

“The change in the outlook to positive reflects Oxbow's robust operating and financial performance, improved credit profile and Moody's expectations that Oxbow will remain free cash flow positive, continue to reduce gross debt and maintain adjusted leverage below 4x in a more normalized commodity price environment,” the agency said in a press release.

Moody’s said it estimates Oxbow's leverage will increase to 2.5-3x in the next 12-18 months but will stay below 4x, the rating upgrade trigger.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.