S&P affirms Oxbow

Standard & Poor's said it affirmed its ratings on Oxbow Carbon LLC, including its B+ corporate credit rating, and removed them from Creditwatch, where they had been placed on Aug. 26, with positive implications.

The rating actions are a result of improved credit measures, the agency said.

The outlook is stable.

According to S&P, the affirmation and Creditwatch removal reflect its expectation that despite the company's good operating performance in 2008, which was primarily driven by strong pricing and improved margins in the calcined petroleum coke and fuel grade coke business segments, performance and credit metrics will deteriorate materially in 2009.

Oxbow's debt to EBITDA is estimated to have been around 2x at Dec. 31, however, due to weak end markets resulting in lower volumes and margin compression in most of its business segments, the agency noted.

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