S&P cuts Century Aluminum

S&P said it cut the rating for Century Aluminum Co. to B- from B and the rating of the company’s senior secured notes to B from B+. The 2 recovery rating on the notes is unchanged.

“The rating action reflects that Century has not as of yet addressed its $250 million senior secured notes due June 2021 (the company’s total reported debt balance as of Sept. 30, 2019 was $300 million). We believe the risk of weak aluminum prices persisting might make it more challenging for Century to refinance its debt,” said S&P in a press release.

The outlook is negative.

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