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S&P: Oxbow on positive watch
Standard & Poor's said it placed its ratings, including its B+ corporate credit rating, on Oxbow Carbon LLC on CreditWatch with positive implications.
The CreditWatch listing follows the company's stronger-than-expected operational performance and notable debt reduction, the agency said.
According to S&P, Oxbow generated $187 million in EBITDA during the first half of 2008, driven by strong demand and pricing for fuel-grade petroleum coke and calcined petroleum coke as well as strong coal pricing.
Oxbow reduced debt by about $150 million to $947 million at June 30 from $1.1 billion at Sept. 30, 2007, the agency added.
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