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S&P elevates OCI Beaumont
S&P said it raised the corporate credit rating on OCI Beaumont LLC to B- from CCC+. The outlook is revised to stable from positive.
S&P also raised the issue-level rating on its first-lien senior secured debt to B+ from B. The recovery rating is 1, indicating an expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.
“The rating upgrade reflects our expectation that stronger methanol and ammonia prices in 2017, relative to trough-like 2016, is sustainable and will improve EBITDA and cash flow above 2016 levels,” S&P said in a news release.
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