S&P Affirms 'CCC' Rating on USEC (USU); Withdraws Per Company Request
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On Nov. 6, 2013, Standard & Poor's Ratings Services affirmed its 'CCC' corporate credit rating on USEC Inc. (NYSE: USU) following a final evaluation of the company's credit profile. The outlook remained negative. We subsequently withdrew all of our corporate credit and issue-level ratings on USEC as requested by the company.
Prior to being withdrawn, USEC's rating reflected our view of the company's business risk as "vulnerable", its financial risk as "highly leveraged", and its liquidity as "less than adequate". In our opinion, risks include the company's ability to successfully transition its enrichment process to centrifugation as well as funding uncertainty related to USEC's loan guarantee application with the Department of Energy. USEC is a Bethesda, Md.-based uranium enrichment company.
Prior to being withdrawn, USEC's rating reflected our view of the company's business risk as "vulnerable", its financial risk as "highly leveraged", and its liquidity as "less than adequate". In our opinion, risks include the company's ability to successfully transition its enrichment process to centrifugation as well as funding uncertainty related to USEC's loan guarantee application with the Department of Energy. USEC is a Bethesda, Md.-based uranium enrichment company.
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