Moody’s rates Koppers notes B1

Moody's Investors Service said it affirmed Koppers Holdings, Inc.'s Ba3 corporate family rating and revised the outlook to negative from stable.

The agency also assigned a B1 rating to the company's proposed senior unsecured notes.

Proceeds will be used to redeem the existing $300 million senior secured notes due 2019, repay part of the company's unrated secured term loan and pay transaction-related fees and expenses.

"Unfavorable end market conditions, exacerbated by lower global oil prices, will result in Koppers' credit metrics remaining weak for the rating category for longer than expected," Ben Nelson, Moody's assistant vice president and lead analyst for Koppers, said in a news release.

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