Koppers Holdings Inc.: Credit opinion update following annual results - Moody's Global Credit Research

Koppers Holdings Inc.: Credit opinion update following annual results

Koppers Holdings Inc.: Credit opinion update following annual results - Moody's Global Credit Research
Koppers Holdings Inc.: Credit opinion update following annual results
Published Apr 26, 2024
10 pages (5281 words) — Published Apr 26, 2024
Price US$ 250.00  |  Buy this Report Now

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Brief Excerpt:

...Koppers Holdings Inc.'s (Koppers) credit profile reflects its leading positions in the North American wood railroad crosstie and wood-treating chemicals industries, its relatively stable earnings generated by the Railroad and Utility Products and Services (RUPS) segment, which benefits from a significant portion of sales under long-term contracts, and the company's solid credit metrics for the rating including its improving leverage driven by its earnings increase and good free cash flow generation. The company's good liquidity also supports the ratings. Koppers' credit profile is constrained by its narrow business focus in the wood preservation industry, its exposure to raw material price fluctuations and the cyclical end markets including construction, aluminum, steel and tires, and its ongoing spending on shareholder returns and business acquisitions, which may limit improvement of its credit metrics. The company's environmental liabilities, although currently manageable, could adversely...

  
Report Type:

Credit Opinion

Company:
Issuer
Koppers Holdings Inc.
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Koppers Holdings Inc.: Credit Opinion update following 1Q23 results - Credit Opinion – 2023/06/14 – US$ 250.00 – ...On February 28, 2023, we assigned a Ba3 rating to Koppers Inc.'s $400 million senior secured term loan B. Koppers Holdings Inc.'s (Koppers) Ba3 Corporate Family Rating (CFR) and Ba3- PD Probability of Default Rating (PDR) were unchanged. The Ba3 rating on the senior secured first lien revolving credit facility, the Speculative Grade Liquidity Rating (SGL) of SGL-2 and stable outlook also remained unchanged. On April 11, 2023, proceeds from the term loan, as well as borrowings from the revolver, were used to redeem the $500 million senior unsecured notes due 2025 as well as pay related financing fees and expenses....

Koppers Holdings Inc. - LGD Assessment – 2022/08/17 – US$ 750.00

Koppers Holdings Inc.: Credit Opinion update following rating affirmation - Credit Opinion – 2022/06/24 – US$ 250.00 – ...On June 21, 2022, we assigned a Ba3 rating to Koppers Inc's $800 million senior secured revolving credit facility due 2027. We also affirmed Koppers Holdings Inc.'s Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating (PDR) and B1 rating on the 6% senior unsecured notes due 2025. The Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-2 and the outlook is stable....

Moody's assigns Ba3 rating to Koppers Inc.'s first lien revolving credit facility; affirms Koppers Holdings Inc.'s ratings - Rating Action – 2022/06/21 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Koppers Holdings Inc. - December 2021 (LTM): Peer Snapshot - Peer Snapshot – 2022/03/25 – US$ 750.00 – ...Ba3 Stable Ba3 Negative B1 Stable Ba3 Stable Koppers Holdings Inc. Ferro Corporation Kronos Worldwide, Inc. Kraton Corporation...

More from Moody's Global Credit Research

Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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Cite this Report

  
MLA:
Moody's Global Credit Research. "Koppers Holdings Inc.: Credit opinion update following annual results" Apr 26, 2024. Alacra Store. May 09, 2024. <http://www.alacrastore.com/moodys-credit-research/Koppers-Holdings-Inc-Credit-opinion-update-following-annual-results-PBC_1405057>
  
APA:
Moody's Global Credit Research. (). Koppers Holdings Inc.: Credit opinion update following annual results Apr 26, 2024. New York, NY: Alacra Store. Retrieved May 09, 2024 from <http://www.alacrastore.com/moodys-credit-research/Koppers-Holdings-Inc-Credit-opinion-update-following-annual-results-PBC_1405057>
  
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