Moody's upgrades Oxea

Moody's Investors Service said it upgraded the corporate family rating of Oxea Sarl to B2 from B3 and probability of default rating to B2-PD from B3-PD.

The agency also said it upgraded the rating on its €475 million senior secured term loan B1 to B2 from B3 borrowed by Oxea Holding Drei GmbH and the rating on its $500 million senior secured term loan B2 to B1 to B2 borrowed by Oxea Corp.

The outlook also revised the outlook to stable from positive.

The upgrades reflect the company's better-than-expected operating performance over the last 12 months and a view that the company should be able to maintain its credit metrics in line with what expected for a B2 rating, Moody's said.

The company is expected to remain free cash-flow positive over the next 18 months, the agency said.

The rating is supported by Oxea's leading market position as a global merchant producer of oxo chemicals with a track record of maintaining and growing its market share across a diverse product line, Moody's said.

The rating is constrained by Oxea's oversupplied intermediates oxo-market, which remains challenging despite some recent rationalization, the agency said.

© 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.