S&P affirms OXEA

Standard & Poor's revised its outlook on OXEA Sarl (Luxembourg) to stable from negative and affirmed its long-term corporate credit rating on OXEA at B+.

S&P also affirmed its issue ratings on OXEA's senior secured revolving credit facility and first-lien term loans at B+. S&P is also withdrawing its issue rating of B- and the recovery of 6 on the second-lien facility, which the agency understands has been repaid using a shareholder loan from OXEA's owner, Oman Oil Co.

The rating action reflects OXEA's material reduction in leverage following the repayment of its $325 million second-lien loan with proceeds from a shareholder loan. S&P anticipates OXEA to report moderately improved operating performance in 2015, with EBITDA of about €150 million on a margin of about 11.5%, compared with EBITDA of €128 million on a 9.4% margin in 2014.

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