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S&P: EES Coke Battery on watch positive
Standard & Poor's said it placed its BB rating on EES Coke Battery LLC's series B $75 million senior secured notes due 2007 on CreditWatch positive.
The CreditWatch placement follows S&P's review of the affect of the proposed acquisition by Mittal Steel Co. NV (BBB/Watch Positive/--), a new entity formed by the December merger of Ispat International NV of its sister company LNM Holdings NV, of EES Coke's primary offtaker, International Steel Group Inc. (BB/Watch Positive/--).
As a result of improved pricing and declining debt-service requirements, S&P said debt-service coverage has improved dramatically from 0.9x for the 12 months ended December 2003 and should be well over 2x in 2004 and 2005 if operations go as planned.
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