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S&P rates LSB Industries notes CCC
S&P said it affirmed the CCC corporate credit rating on LSB Industries Inc. and revised the outlook to positive from negative.
The agency also said it assigned a CCC rating and 4 recovery rating to the company's proposed new $400 million senior secured notes due 2023.
The 4 recovery rating indicates 30% to 50% expected default recovery.
S&P also said it affirmed the CCC rating on the company's $375 million 7¾% senior secured notes due 2019.
The 4 recovery rating on this debt indicates 30% to 50% expected default recovery.
The outlook revision reflects the improvement in LSB's overall operations for 2017 and the first quarter of 2018, S&P said, and its announced refinancing of its existing $375 million senior secured notes due August 2019.
If the refinancing is successful, the agency said it will review the company for a one-notch upgrade to reflect the extension in debt maturities.
Although the company's operating results have improved over the past few quarters, it continues to experience operational issues at both its El Dorado and Pryor plants, S&P said.
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