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Compass Minerals Announces S&P Global Ratings Upgrade to B+
Compass Minerals International, Inc. (NYSE: CMP) (“Compass Minerals” or the “...
About this update from Cmp Mining, Inc.
Compass Minerals Announces S&P Global Ratings Upgrade to B+ .bwalignc { text-align: center; list-style-position:inside } .bwalignl { text-align: left } Compass Minerals International, Inc. (NYSE: CMP) (“Compass Minerals” or the “Company”) today announced that S&P Global Ratings has upgraded the Company’s corporate credit rating to ‘B+’ from ‘B’, with a stable outlook. S&P also upgraded the rating on the Company’s senior secured debt to ‘BB’ from ‘BB-‘ and senior unsecured debt to ‘B+’ from ‘B’. In addition, S&P’s ‘1’ recovery rating on the secured debt and ‘4’ recovery rating on the unsecured debt are unchanged. The upgrade reflects S&P’s view that the Company’s debt paydown and improved profitability for leverage reduction has lowered S&P Global Ratings-adjusted leverage from 4.2x to 3.1x for the last 12 months. S&P noted the Company used “sale proceeds with cash on the balance sheet to retire $150 million of its 2027 senior unsecured notes, materially improving its debt profile and extending weighted-average maturity. Additionally, higher profitability in the first quarter from a significant increase in highway deicing volumes reduced leverage.” S&P also noted: “The stable outlook reflects our expectation that Compass will maintain leverage below 4x in the next two years from debt reduction, strategic initiatives, and favorable operating performance, although we anticipate volumes will taper down next year.” Ed Dowling, Chief Executive Officer, said: “We are very proud that S&P has recognized the hard work we have done to reduce our debt and lower our leverage ratio. The upgrade is a strong endorsement and reflects the momentum Compass Minerals has created by building a stronger, more resilient business with a solid platform to deliver long-term shareholder value.” About Compass Minerals Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer...