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S&P lifts Rentech to positive
Standard & Poor’s said it affirmed the B- corporate credit rating and revised the outlook on Rentech Nitrogen Partners LP to positive from stable.
The agency also said it affirmed the B- rating on the company’s $320 million second-lien notes and 3 recovery rating on the second-lien notes.
The 3 recovery rating indicates 50% to 70% expected default recovery.
The action reflects a view that the proposed acquisition by unrated CVR Partners LP could improve Rentech’s business profile, S&P said.
The combination would increase the company’s scale and reduce asset concentration, the agency said.
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