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S&P ups LSB Industries
S&P said it raised the ratings on LSB Industries Inc. and its senior secured debt to B- from CCC+.
Shareholders approved LSB’s proposed exchange agreement with holders of the company's series E-1 and F-1 preferred stock.
“Following the exchange, we expect the company's credit metrics to improve significantly, from what we previously considered to be unsustainable levels. We now project that weighted-average adjusted debt to EBITDA will improve to the 4x-5x range in 2021, from the low-double digits at the end of 2020.,” the agency said in a press release.
The outlook is stable.
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