S&P downgrades Oxea, loans to B

S&P said it lowered its long-term corporate credit rating on Oxea Sarl, Luxembourg to B from B+.

The outlook is stable.

At the same time, the agency downgraded its issue ratings on Oxea’s senior secured revolving credit facility (and first-lien term loans to B from B+. The recovery ratings on the existing first-lien revolving credit facility and term loans B-1 and B-2 were revised to 4 from 3, indicating expectations of recovery in the higher half of the 30% to 50% range.

S&P also assigned a B long-term corporate credit rating to Oxea’s core subsidiaries Oxea Finance & Cy SCA, Oxea Finance LLC (Delaware), and Oxea Corp. (Delaware).

The outlook on all three entities is stable.

S&P said the downgrade reflects that it expect the company's S&P -adjusted debt to EBITDA will be high at about 6.5 times to 7 times for 2017 and 2018, due to weaker-than-expected operating conditions and Oxea’s continued high capital expenditures (capex).

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