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S&P upgrades LSB Industries
S&P said it raised its corporate credit rating on LSB Industries Inc. to CCC+ from CCC.
The outlook is stable.
The agency also raised the issue-level rating on the company's new $400 million senior secured notes due 2023 to CCC+ from CCC. The recovery rating remains 4, indicating expectations for average (30%-50%; rounded estimate: 40%) recovery in the event of a default.
At the same time, S&P withdrew its rating on the company's $375 million senior notes due 2019, as they have been fully redeemed.
“The upgrade reflects a view of the improvement in LSB's overall operations for 2017 and the first quarter of 2018 and the completed refinancing of its $375 million senior secured notes due August 2019, which eliminates near-term refinancing risks,” the agency said in a news release.
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