| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Millennium Inorganic Chemicals, Inc. > News item |
S&P upgrades Millennium first-lien loans
Standard & Poor's said it affirmed the BB- corporate credit rating on Millennium Inorganic Chemicals.
The outlook is stable.
S&P also raised the ratings on the company's first-lien revolving credit facility and term loan to BB+ from BB and revised the recovery ratings to 1 from 2, indicating 90% to 100% expected recovery in a default.
The agency also affirmed the B+ rating on the company's second-lien debt. The 5 recovery rating, indicating 10% to 30% expected default recovery, is unchanged.
The ratings reflect the company's limited focus on cyclical markets subject to commodity product cycles and the limited visibility of its financial policy, said Seamus Ryan, an S&P analyst.
An expectation that the company will maintain good free cash flow and adequate liquidity partially offsets these risks, the agency 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.