S&P upgrades OCI Partners

S&P said it upgraded its corporate credit rating on OCI Partners LP to B+ from B-.

The outlook is stable.

The agency also raised the issue-level ratings on the company's first-lien term loan and revolving credit facility to BB from B+. The recovery ratings remain 1, indicating an expectation of very high (90%-100%; rounded estimate: 90%) recovery in the event of a payment default.

S&P said the upgrade reflects a view that the credit quality of OCIP's parent, OCI NV, no longer constrains the rating on OCI Partners.

The agency said that, on a stand-alone basis, S&P’s assessment of OCI Partners 's credit quality remains b+ based on a continued belief that improved average product prices and strong volumes in 2018 will strengthen its operating performance relative to 2017, resulting in improved credit metrics.

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