S&P ups Millar Western Forest

S&P said it upgraded Millar Western Forest Products Ltd.’s issuer rating to B- from CCC+ and its senior secured notes to B from B-. The 2 recovery rating is unchanged.

“The upgrade primarily reflects improved prospects for Millar Western's credit measures and liquidity over the next two years, following stronger-than-expected operating results in 2020,” S&P said in a press release.

S&P noted healthy lumber prices and a better outlook for pulp are the primary drivers of the increase in its earnings and cash flow estimates.

The outlook is stable.

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