S&P cuts OCI Beaumont loan to B

Standard & Poor's said it lowered its rating on OCI Beaumont LLC's first-lien senior secured term loan to B from B+.

The recovery rating on this debt was revised to 2 from 1. The 2 recovery rating reflects an expectation for substantial (70% to 90%) recovery in the event of a payment default.

S&P said the actions reflect OCI's proposed $165 million add-on to the existing $235 million term loan. The agency assumes in its analysis that the company will use proceeds of the proposed add-on to pay down a portion of the approximately $165 million subordinated shareholder loan outstanding, which S&P considers debt.

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