S&P downgrades Axiall

Standard & Poor’s said it lowered its corporate credit rating on Axiall Corp. to BB- from BB. The outlook is stable.

S&P also lowered the issue-level rating on Axiall’s senior secured debt one notch to BB+ from BBB-. The recovery rating on the company’s senior secured debt remains 1, reflecting an expectation of very high recovery (90%-100%) if a default occurs.

At the same time, S&P lowered the issue-level rating on the company’s senior unsecured debt to BB- from BB. The recovery rating on the unsecured debt remains 3, reflecting an expectation of modest (upper half of the 50%-70% range) recovery if a default occurs.

“The ratings on Axiall reflect our assessment of the company’s business risk profile as fair and its financial risk profile as aggressive,” said S&P credit analyst Sebastian Pinto-Thomaz in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.