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S&P rates USEC notes CCC
Standard & Poor's said it assigned a CCC senior unsecured rating to USEC Inc.'s $500 million 3% convertible senior unsecured notes due Oct. 1, 2014 and affirmed the B- corporate credit rating.
The outlook is negative.
Proceeds will be used to help fund the development of a centrifuge facility and for general corporate purposes.
The ratings reflect the company's lack of competitive position, limited ability to generate cash flow, aggressive competition and single-site operating facility, the agency said.
The ratings also reflect stable industry demand and current adequate liquidity, S&P said.
The issuer has a total debt-to-EBITDA ratio of less than 2.5 times.
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