Standard & Poor's Lowers Rating On Olin Corp.

CLAYTON, Mo. (AP) — Standard & Poor's on Thursday lowered its credit ratings on specialty chemical and ammunition maker Olin Corp. over concerns about the company's ability to sustain demand for some of its products.

S&P analyst James Siahaan said economic weakness has hurt demand for some products and the company's operating performance and credit measures could undergo significant deterioration in the next year. Olin makes chlorine, bleach products and other chemicals as well as ammunition in its Winchester unit.

S&P lowered its corporate credit rating two notches to "BB-" — a noninvestment-grade rating — from "BB+" with a stable outlook. Siahaan said Olin has adequate liquidity and a manageable debt profile but that outside pressures prompted the downgrade.

Clayton, Mo.-based Olin said Thursday it plans to offer $150 million in senior notes to strengthen the company's long-term liquidity. S&P assigned a "B'' mid-level junk rating to that proposed note issuance.