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Calumet Specialty Products $175M Loan Rating Raised To 'BB-' (Recov Rtg: 1); Ratings Affirmed
Standard & Poors, June 2006
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) June 8, 2006--Standard & Poor's Ratings Services today raised its secured loan rating on independent petroleum refiner Calumet Specialty Products Partners LP's $175 million term loan to 'BB-' (two notches higher than the 'B' corporate credit rating on the company) from 'B+'. The recovery rating on the loan was affirmed at '1', indicating a high expectation for full recovery of principal in the event of a payment default. All other existing ratings on Calumet were also affirmed, including the 'B' corporate credit rating. The outlook is stable. As of March 31, 2006, the Indianapolis, Ind.-based company had about $70 million of debt. The rating upgrade on the $175 million term loan reflects the improved asset...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.
Action: Affirmed
Action: Outlook: Stable
Action: Upgraded
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