S&P upgrades Olin to BB

Standard & Poor's said it has raised its ratings, including raising the corporate credit rating to BB from BB-, on Olin Corp. At the same time, S&P said it removed all ratings from CreditWatch, where it placed them with positive implications on Sept. 2.

The outlook is positive.

"The upgrade reflects the improvements in Olin's profitability over the past year as well as our expectation that the company will continue to strengthen credit measures over the coming quarters," said S&P credit analyst Ket Gondha in a news release.

"While we remain cautious regarding the macroeconomic outlook, we believe supply and demand dynamics should remain favorable," Gondha said. "Further supporting our view on Olin's credit quality is its continued progress in generating a greater share of earnings from downstream products that exhibit less volatility than caustic soda and chlorine.

"We also expect Olin to remain prudent in managing liquidity as it reduces costs and improves operating efficiency, including transitioning production assets away from outdated mercury-based technologies."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.