Moody’s drops Oxbow, loans

Moody's Investors Service said it downgraded Oxbow Carbon LLC’s corporate family rating to B1 from Ba3, first-lien term loans and revolver to B1 from Ba3 and second-lien term loan to B3 from B2.

The outlook is stable.

Moody’s said the downgrade reflects continuing weak financial performance, following the contraction in operating margins over the past two years, primarily reflecting declining volumes and/or prices in the company's key fuel grade petcoke, calcined petroleum coke and international segments.

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