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SunCoke, SunCoke Partners downgraded at Credit Suisse

Dec. 17, 2013 3:59 PM ETSunCoke Energy, Inc. (SXC) StockSXC, SXCPBy: Carl Surran, SA News Editor
  • Credit Suisse cuts both SunCoke Energy (SXC -1%) and SunCoke Partners (SXCP -0.9%) to Neutral from Outperform (I, II).
  • The firm says SXC's guidance update confirmed that the thesis remains largely unchanged for 2014, a year which is likely to be about diversifying customer concentration risk, continuing to assess a potential entry into the ferrous industry, and a review of the existing capital structure following the January termination of the Sunoco tax agreement.
  • On SXCP, the firm sees 2014 EBITDA of $105M-$112M, well below $130M consensus, and distributable cash flow per unit of $2.31-$2.53.

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