S&P lifts Oxbow Carbon

Standard & Poor's said it raised its ratings, including its corporate credit rating, on Oxbow Carbon LLC.

The corporate credit rating was raised to BB- from B+ and the issue-level rating on the company's senior secured term loan was raised to BB, one notch above the corporate credit rating, from BB-, the agency noted. The recovery rating on the senior secured term loan remains unchanged at 2.

"The upgrade reflects its view that over the next few years, despite ongoing weakness in some end-markets, Oxbow will be in a position to maintain credit measures at a level that we would consider to be in-line with the BB- rating, with total lease- and pension-adjusted leverage well below 4x," said S&P credit analyst Sherwin Brandford.

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