Moody's downgrades Olin

Moody's Investors Service said it downgraded long-term ratings for Olin Corp., including the corporate family rating to Ba2 from Ba1 and senior unsecured debt ratings to Ba2 from Ba1 and downgraded the company's speculative grade liquidity rating to SGL-3 from SGL-2. The rating outlook is negative.

"Olin's rating incorporated prospects for meaningful deleveraging over the next 12-18 months. Given the expected impact of the Coronavirus pandemic on the global economy, deleveraging will be much more challenging and the company likely will need to amend financial maintenance covenants in the near term," said Ben Nelson, Moody's vice president, senior credit officer and lead analyst for Olin, in a press release.

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