S&P boosts Olin

S&P said it boosted Olin Corp. and its senior unsecured notes to BB+ from BB. The agency revised the recovery rating to 3 from 4. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 65%) recovery in default.

However, the agency lowered Olin's term loan and revolving credit facilities to BB+ from BBB- and revised the recovery rating to 3 from 1. These facilities are now unsecured and pari passu with the company's unsecured notes following the termination of the security agreement that provided guarantees and collateral securing the facilities.

“The upgrade reflects our updated forecast, under which we expect the company to generate more than $2 billion of EBITDA in 2021 (well above its previous peak earnings in 2018),” S&P said in a press release.

The outlook is stable.

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