| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for Omnova Solutions Inc. > News item |
S&P ups Omnova Solutions
S&P said it raised its issuer credit rating on Omnova Solutions Inc. to B+ from B. The outlook is stable.
At the same time, S&P raised its issue-level rating on the company’s first-lien term loan to B+ from B. The recovery rating remains 3, reflecting an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in event of default.
“The upgrade reflects Omnova’s improved credit measures over the past year, driven by improving EBITDA and debt reduction. Specifically, debt to EBITDA has improved to 4.5x for the last-12-months period ended in May 2018, from 6.1x for the same period ended in May 2017,” S&P said in a news release.
© 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.