Moody's ups Oxbow, rates loans B1

Moody’s Investors Service said it raised Oxbow Carbon LLC’s corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD. The agency also assigned B1 ratings to Oxbow's new $325 million senior secured first-lien revolving credit facility due 2028, $225 million senior secured first-lien term loan A (TLA) due 2028 and $350 million senior secured first-lien term loan B (TLB) due 2030.

The agency said it would withdraw the ratings of the outstanding revolver, TLA and TLB upon repayment. The outlook was changed to stable from positive.

“The ratings upgrade and the assignment of B1 ratings to new credit facilities reflect Oxbow's robust operating and financial performance, improved credit profile and Moody's expectations that Oxbow will remain free cash flow positive and further reduce gross debt, enabling it to maintain Moody's-adjusted leverage below 4x,” the agency said in a press release.

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