S&P: Ozburn-Hessey view now positive

Standard & Poor’s said it affirmed its B- corporate credit rating on Ozburn-Hessey Holding Co. LLC and revised the outlook on the rating to positive from stable.

At the same time, S&P affirmed its B- issue-level rating on the company’s senior secured facility. The 3 recovery rating remains unchanged, indicating an expectation for meaningful (50%-70%; lower half of the range) recovery in the event of a payment default.

“The outlook revision reflects the improvement in Ozburn-Hessey’s credit metrics, with its debt-to-EBITDA metric in the 4.0x-4.5x range and its funds from operations (FFO)-to-debt ratio in the high teens percentagewise, from organic growth and the company’s focus on operating efficiencies over the past few years,” said S&P credit analyst Tatiana Kleiman in a news release.

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