S&P Global Ratings on Aug. 6 assigned a BB+ issue-level rating and a "1" recovery rating to SunCoke Energy Inc.'s recent US$400 million 2024 revolving credit facility.
"The '1' recovery rating on the revolver indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. We are also revising the recovery rating on the company's unsecured notes to '4' from '3' (30%-50%: rounded estimate: 45%) and are affirming our 'BB-' rating on the notes," S&P Global Ratings said.
The rating agency expects adjusted leverage to total about 3.2x by the end of 2019 and expects the ratio to continue falling in 2020 due to improved performance at its Indiana Harbor facility.
SunCoke reported second-quarter net income attributable to the company of US$2.3 million, falling from US$4.2 million a year ago.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.