S&P cuts Koppers outlook to stable

Standard & Poor's said it revised its outlook on Koppers Inc. and its parent company, Koppers Holdings Inc., to stable from positive.

The agency said it affirmed its B+ corporate credit ratings on each company and the issue-level ratings on Holdings' senior discount notes and Koppers' senior secured second-lien notes.

At the same time, the agency said it revised the recovery rating on Koppers' senior secured second-lien notes to 4 from 3.

S&P added that it is also assigning a preliminary B- senior unsecured debt rating to Holdings' $325 million universal replacement shelf registration filed on Aug. 13.

"The outlook revision reflects Koppers' weaker-than-expected operating performance in recent quarters and its expectation of continued challenging business conditions resulting from the global recession," said credit analyst Henry Fukuchi.

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