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S&P affirms Oxbow-Carbon
Standard & Poor's said it affirmed the BB- corporate credit rating on Oxbow Carbon LLC, and assigned its BB rating, one notch above the corporate credit rating, and 2 recovery rating on the company's senior secured credit facilities. The 2 rating indicates 70% to 90% expected recovery in a default.
As part of the proposed refinancing, a portion of its existing term loan B lenders could choose to maintain a maturity of 2014, though maintenance covenants, terms and baskets, and pricing would likely be amended, S&P said.
The outlook is positive.
The ratings reflect the company's better-than-expected operating performance during 2010, the agency said.
The agency said it expects this trend to continue in 2011, given the expectation for continued improvements in the economy and demand for the company's products.
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