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S&P lowers Oxbow Carbon
S&P said it lowered the corporate credit rating on Oxbow Carbon LLC to B+ from BB-.
The outlook is stable.
The agency also said it assigned a BB- rating to the company's proposed $350 million first-lien term loan B. The recovery rating is 2, indicating 70% to 90% expected default recovery.
S&P also said it lowered the rating on the company's first-lien term loan A to BB- from BB and the rating on its second-lien term loan to B from B+.
The recovery ratings on the first-lien term loan A and second-lien term loan are unchanged at 2 and 5, respectively. The 2 rating indicates 70% to 90% expected default recovery. The 5 rating indicates 10% to 30% expected default recovery.
The stable outlook reflects an expectation that Oxbow will maintain stable margins over the next 12 months and continue to lower debt with excess cash flow, S&P said.
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