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S&P ups SunCoke Energy, debt; rates revolver, notes
S&P said it affirmed the BB- corporate credit rating on SunCoke Energy Inc.
The outlook is stable.
The agency also assigned a BB- issue rating to the company's proposed $675 million senior unsecured notes due 2025, issued by SunCoke Energy Partners LP.
In addition, S&P upgraded the issue rating on SunCoke Energy’s refinanced cash flow revolver (downsized by $25 million to $100 million maturing in 2022) to BB+ from BB-. This was associated with a revision in the recovery rating to 1 from 3, indicating an expectation of very high (90%-100%, rounded estimate: 95%) recovery in the event of a payment default.
At the same time, the agency raised the issue rating on SunCoke Energy’s senior unsecured notes to B+ from B. This was associated with a revision in the recovery rating to 5 from 6, indicating an expectation of modest (10%-30%, rounded estimate: 15%) recovery in the event of a payment default.
S&P also assigned a BB+ issue rating to SunCoke Energy Partners’ refinanced cash flow revolver (upsized by $25 million to $275 million and maturing in 2022). The recovery rating is 1, indicating an expectation of very high (90%-100%, rounded estimate: 95%) recovery in the event of a payment default.
In addition, S&P assigned a BB- issue rating to SunCoke Energy Partners’ proposed $675 million senior unsecured notes due 2025. The recovery rating is 3, indicating an expectation of meaningful (50%-70%, rounded estimate: 55%) recovery in the event of a payment default.
The proposed series of transactions increases total debt by just under $30 million, which the agency views as credit neutral, and does not alter its view of SunCoke Energy’s financial risks.
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