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S&P changes Olin outlook to positive
S&P said it revised its outlook for Olin Corp. to positive from stable and affirmed the BB+ ratings on the company and its unsecured notes, term loan and revolver.
“Olin reduced gross debt by about $1.1 billion in 2021, while lowering its annual cash interest expense considerably. The company paid about $300 million in cash interest in 2020, and we expect that 2022 interest expense will be closer to $135 million. As a result of debt repayment, and record earnings, S&P Global Ratings-adjusted debt to EBITDA improved to 1.4x in 2021, from over 7x in 2020, and FFO to debt rose to 56%,” S&P said in a press release.
The outlook reflects the company’s capital structure following its debt reduction in 2021 and the view that the earnings power of the business has improved following the company's shift to an electrochemical unit value maximization strategy, the agency said.
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