Moody’s rates OCI Ba2, notes B1

Moody's Investors Service said it assigned a Ba2 corporate family rating and a Ba2-PD probability of default rating to OCI NV.

The agency also assigned a B1 rating to OCI's proposed issuance of $1 billion-equivalent senior secured notes due 2023.

The outlook is stable.

Moody’s said the corporate family rating reflects the scale of OCI’s operations and the diversity of its business portfolio in terms of products, geographies and end-markets.

The agency said the two-notch differential between the corporate family rating and the rating assigned to the notes reflects the structural subordination of OCI's creditors to those of its U.S. and North African operating subsidiaries, whose financial debt is largely secured against these companies' respective assets, and the relatively weak guarantor package supporting OCI's senior secured notes.

© 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.