S&P upgrades Oxea, debt to BB-

Standard & Poor's said it raised its long-term corporate credit rating on Oxea Sarl to BB- from B.

The rating was removed from CreditWatch, where it was placed with positive implications on Oct. 17.

The outlook is stable.

At the same time, the agency raised its long-term issue ratings on Oxea's senior secured debt to BB- from B and on its senior unsecured debt to B from CCC+, and removed the ratings from CreditWatch, where they were placed with positive implications on Oct. 17.

S&P said the upgrade reflects its view that Oxea will now focus on deleveraging, in line with the conservative financial policies of its new shareholder, state-owned Oman Oil Co., and the view that Oxea is a "moderately strategic" subsidiary of its new parent, reflecting the agency's assessment of its important role in the Duqm petrochemical project.

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