Moody’s revises Orion to positive

Moody's Investors Service said it affirmed Orion Engineered Carbons SA’s Ba3 corporate family rating, Orion Ba3-PD probability of default rating and the Ba3 ratings of the outstanding roughly €560 million equivalent senior secured term loan facilities and of the €175 million multicurrency senior secured revolving credit facility borrowed by Orion Engineered Carbons GmbH and OEC Finance US LLC, two indirect subsidiaries of Orion.

The outlook was changed to positive from stable.

Moody’s said the positive outlook reflects its expectations that Orion's operational performance will remain solid this year, supported by favorable market conditions and continuous improvement of its product mix toward more technical products.

“The company should maintain its solid profitability by effectively managing the volatility of its feedstock and the cyclicality of its end-user markets with further penetration of the specialty carbon black market,” the agency said in a news release.

“The positive outlook also considers that Orion will maintain its conservative financial policy and strong liquidity profile.”

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