S&P: Koks off positive watch

Standard & Poor's said that it affirmed the B long-term corporate credit rating on OAO Koks and removed the rating from CreditWatch where it had been placed with positive implications on Jan. 17, following the announcement of an upcoming IPO.

The outlook is stable.

The affirmation reflects the cancellation of the IPO announced in January, S&P said. The IPO was expected to positively affect the company's financial metrics and liquidity profile. Koks is expected to be able to comfortably finance its sizable capital expenditures and upcoming maturities even without the IPO.

The rating reflects the company's exposure to cyclical commodity markets and large capital-expenditure needs, as well as the vertical integration and steadily improving operating results in 2010, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.