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S&P lifts Buckeye Technologies
Standard & Poor's said it raised the corporate credit rating on Buckeye Technologies Inc. to BB from BB- and removed ratings from CreditWatch, where they were placed with positive implications on Feb. 25.
The agency also raised the company's senior unsecured notes due 2013 to BB from BB- with 4 recovery rating.
The outlook is positive.
S&P said the upgrade reflects the significant reduction in Buckeye's adjusted debt through internally generated cash flow and funds received from alternative-fuel-tax-credits.
For the fiscal year ending June 30, 2011, the company will continue to use free cash flow to reduce debt, resulting in adjusted debt-to-EBITDA ratio of about 2x.
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