S&P raises Compass Minerals, gives loan BB

Standard & Poor's said it raised its ratings on Compass Minerals Group Inc. and its holding company, Compass Minerals International Inc., including raising its corporate credit rating to BB- from B+.

In addition, S&P said it assigned a BB rating and 2 recovery rating to the company's proposed $130 million term loan B-2.

At the same time, the BB rating on the company's existing senior secured bank credit facility was affirmed, the agency said. However, the recovery rating was revised to 2 from 1.

The outlook is stable.

S&P noted that the upgrade reflects the combination of the company's continued steady operating performance and improved financial profile, as well as the recent announcement that it plans to refinance its high-coupon discount notes due 2012.

© 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.