S&P lifts OCI Beaumont loan, view to positive

S&P said it affirmed the CCC+ corporate credit rating on OCI Beaumont LLC.

The agency also said it revised the outlook on the corporate credit rating to positive from stable.

S&P also said it raised the rating on the company's first-lien senior secured term loan to B from B- and recovery rating on the term loan to 1 from 2.

The 1 recovery rating indicates 90% to 100% expected default recovery.

The positive outlook considers the prospects for an improvement in operating performance relative to previous expectations given the recent uptick in methanol and ammonia prices relative to trough-like prices achieved in the third quarter of 2016, S&P said.

But prices and operating performance have been volatile for much of 2016 and the sustainability of the current improvement or the potential for future price improvement is not entirely certain at this point, the agency said.

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