S&P upgrades Oxbow

Standard & Poor's said it raised the corporate credit rating on Oxbow Carbon LLC to BB from BB-, along with its senior secured credit facilities to BB+ from BB.

The recovery rating remains 2.

The outlook is stable.

The upgrade reflects Oxbow's improved operating performance due to the global economic recovery that has resulted in better demand, strong pricing in the calcined petroleum coke market and volume growth in its fuel-grade coke and distribution operations, S&P said.

The company's key benefit is the counter-cyclicality afforded by the diversification of its business lines, both by product mix and geographic range, the agency said.

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