S&P rates Olin notes BB-

Standard & Poor's said it assigned a BB- rating and 5 recovery rating to Olin Corp.'s $175 million senior unsecured notes due 2022.

The agency said it revised the recovery ratings on Olin's existing unsecured notes to 5 from 6 and raised the ratings to BB- from B+. The 5 recovery rating indicates 10% to 30% expected recovery in a default.

The agency also said it affirmed the BB corporate credit rating.

The outlook is positive.

The ratings reflect the company's established market positions in the chlor-alkali industry, good profitability and adequate liquidity, S&P said.

Management will continue to be financially prudent in terms of growth spending and use of debt leverage, the agency said.

But the company also is subject to significant cyclicality and volatile operating performance stemming from its large chlor-alkali operations, S&P added.

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