S&P affirms Orion Engineered Carbons

S&P said it affirmed the BB long-term corporate credit rating on Orion Engineered Carbons SA.

The outlook is stable.

The agency also affirmed the BB issue ratings on Orion's €665 million senior secured term loan due 2024 and €175 million revolving credit facility due in 2021. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default.

“The affirmation reflects our view that private equity owners Rhone's and Triton's reduced stakes in Orion, at below 20%, is marginally credit positive, together with a financial policy that we now assess as neutral to the rating,” S&P said in a news release.

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