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S&P downgrades Olin
S&P said it lowered the corporate credit rating on Olin Corp. to BB from BB+.
The agency also said it lowered the rating on the company's senior unsecured debt to BB from BB+. The recovery rating remains at 4, indicating 30% to 50% expected default recovery.
The outlook is stable.
The downgrade reflects expectations that Olin's full-year 2016 operating performance will be moderately weaker than previously forecast, S&P said.
The agency said it lowered the 2016 EBITDA estimate for the company due to lower-than-expected commodity prices and lower than expected chlorinated organics volumes.
The stable outlook reflects an expectation that EBITDA margins will gradually improve in the next one- to two-years as a result of increasing commodity prices, S&P said.
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