S&P: OCI Beaumont loans B

Standard & Poor's said it assigned its preliminary B- corporate credit rating to OCI Beaumont LLC.

The outlook is stable.

At the same time, S&P assigned its preliminary B issue rating and preliminary 2 recovery rating to the company's proposed $360 million first-lien term loan. The term loan consists of two tranches of $235 million and $125 million.

OCI plans to use proceeds from the loan to refinance existing debt.

"The rating on OCI reflects the company's highly leveraged financial profile, including its very aggressive financial policy, and its vulnerable business risk profile as a single-site producer of commodity chemicals," S&P credit analyst Paul Kurias said in a news release.

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