S&P boosts Millar Western notes

Standard & Poor's said it revised its outlook on Millar Western Forest Products Ltd. to stable from negative and affirmed its long-term corporate credit rating at B-. The agency also said it upgraded the company's senior unsecured notes to B- from CCC+ and revised the recovery rating on this debt to 4, indicating 30% to 50% recovery in the event of default, from 5.

The outlook revision reflects expectations that, with good pulp market conditions and slowly improving lumber market conditions, Millar Western's credit metrics will improve to a level more appropriate for the current rating in 2010, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.