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S&P downgrades Koppers
Standard & Poor's said it lowered the corporate credit rating on Koppers Inc. and Koppers Holdings Inc. to B from B+.
The agency also said it lowered the ratings on the company's senior secured debt, including its $500 million senior secured revolving credit facility, $300 million term loan A and $300 million ratably secured notes due 2019 to B+ from BB-.
The recovery rating remains at 2, indicating 70% to 90% expected default recovery.
The outlook is stable.
The downgrades reflect an expectation that the company's 2015 and 2016 EBITDA and credit measures will be moderately weaker than previously forecasted, S&P said.
As a result, the agency said it views the company's liquidity position to be less than adequate with EBITDA cushion under its covenants at less than 15% over the next 12 months.
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