Moody's ups Olin ups notes, cuts loans

Moody's Investors Service said it upgraded the Olin Corp.’s senior unsecured ratings to Ba2 from Ba3 after the company reported that lenders released the security on the company's senior secured credit facilities, improving the position of the unsecured notes in the company's capital structure.

Concurrently, the agency lowered the senior secured credit facilities’ rating to Ba2 from Baa3. The loans’ no longer benefit from a first-priority lien on certain assets.

Moody’s also affirmed Olin’s Ba2 corporate family rating and Ba2-PD probability of default rating and changed the outlook to positive from stable.

"Olin is reducing debt significantly using free cash flow generated during strong cyclical market conditions, strengthening the company's balance sheet and providing greater financial flexibility to navigate future commodity downturns," said Ben Nelson, a Moody's vice president, senior credit officer and lead analyst for Olin, in a press release.

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