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S&P upgrades SGL Carbon, notes
S&P said it raised its long-term corporate credit rating on SGL Carbon SE to B- from CCC+ and revised the issue rating on the company’s €250 million 4 7/8% seven-year fixed-rate senior secured notes due 2021 to B+ from B. The recovery rating remains 1, reflecting an expectation of 90% recovery in the event of default.
The outlook is positive.
The agency said the upgrade follows SGL's completion of the graphite electrodes business divestment for €230 million. The company will use the proceeds to redeem the €250 million secured notes due 2021.
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