S&P rates Rhodium notes B

S&P said it assigned a B long-term corporate credit rating to Rhodium Resources Pte. Ltd.

The outlook is stable.

The agency also said it assigned a B rating to the company's proposed senior unsecured notes of about $150 million.

The recovery rating on the notes is 4, indicating 30% to 50% expected default recovery.

The ratings reflect the company's short record in the volatile commodity trading industry with a highly leveraged capital structure, S&P said.

These factors are mitigated by the company's policies to minimize commodity price risk and credit risk in its trading book, the agency said.

S&P said it expects Rhodium will continue the growth trajectory it has embarked on since inception in 2011.

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