S&P lifts Cyanco view to stable

Standard & Poor’s said it revised the outlook on Cyanco Intermediate Corp. to stable from negative.

The agency also said it affirmed all of the ratings, including its B corporate credit rating.

S&P also said it affirmed the B+ rating on Cyanco’s senior secured debt. The recovery rating on this debt remains at 2, indicating 70% to 90% expected default recovery.

The outlook revision reflects Cyanco’s strengthened liquidity position resulting from improving 2015 EBITDA and moderate free operating cash flow, which the company has used to reduce debt over the past few quarters, the agency said.

Through the first half of 2015, volumes have increased moderately and the benefits from cost-reduction initiatives have led to improved earnings and EBITDA margins, S&P said.

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