S&P ups Koppers notes to B+

Standard & Poor's said it raised Koppers Inc.'s $320 million senior secured second-lien notes to B+ and affirmed the B+ corporate credit rating.

Ratings reflect Koppers' weak business position, due to a relatively narrow scope of operations and a concentration of sales by end-market, along with its improved but highly leveraged financial profile, S&P said.

These factors are somewhat offset by the company's leading market shares, high percentage of long-term contracts and good geographic diversity, the agency said.

As of Sept. 30, the issuer's total adjusted debt-to-EBITDA ratio was about 3 times.

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