S&P lifts Orion Engineered Carbons view to positive

S&P said it revised its outlook to positive from stable on Orion Engineered Carbons SA and affirmed the long-term BB issuer credit rating.

At the same time, S&P said it affirmed its 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 on these instruments indicates an expectation of meaningful recovery (rounded estimate: 60%) in the event of a default.

The revision of the outlook to positive reflects Orion's better-than-expected credit metrics in 2017, with adjusted funds from operations to debt of close to 30% and adjusted debt to EBITDA well below 3x, levels which S&P said it expects to recur or improve slightly from 2018 onward, the agency said in a news release.

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