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S&P trims Olin, ups loan
S&P said it downgraded Olin Corp. and its unsecured debt to BB- from BB. The agency revised the recovery rating to 4 from 3. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default.
“The downgrade follows the impact from the coronavirus pandemic leading to several downward revisions in our macroeconomic expectations for 2020, compared to our March review,” S&P said in a press release.
The agency also upgraded Olin’s secured credit facilities to BB+ from BB. The 1 recovery rating indicates an expectation for very high recovery (90%-100%; rounded estimate: 95%) of principal in a hypothetical payment default.
S&P upgraded the revolver and delayed-draw term loan after Olin and its lenders agreed to convert the facilities to secured from unsecured, the agency said.
The outlook is negative.
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