Moody’s shifts Oxbow Carbon view to stable

Moody’s Investors Service said it revised Oxbow Carbon LLC’s outlook to stable from positive. At the same time, Moody’s affirmed Oxbow’s B2 corporate family rating, B2-PD probability of default rating and B1 rating of the senior secured revolving credit facility, term loan A and term loan B.

“In changing the outlook, Moody’s considered the adverse impact on the company’s projected performance of global trade tensions, weakened conditions in global aluminum and steel industries as well as India’s petcoke restrictions, amongst other factors. The stable outlook reflects Moody’s view that Oxbow’s adjusted leverage will rise moderately but will remain appropriate for the B2 rating as Oxbow’s recent actions to simplify its capital structure, reduce debt and operating costs as well as its ability to generate positive free cash flow will help support its current financial profile in a challenging macro environment,” said Botir Sharipov, Moody’s lead analyst for Oxbow, in a press release.

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