Bulletin: Calumet Specialty Products Partners L.P. Ratings Unaffected By Plan To Acquire Penreco
- ID: 1717528
- October 2007
- Standard & Poors
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Research type: News
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NEW YORK (Standard & Poor's) Oct. 22, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on Calumet Specialty Product Partners L.P. (B/Stable/--) are unaffected by Calumet's announcement that it intends to acquire Penreco for $240 million. Penreco, a partnership between ConocoPhillips Co. and M.E. Zukerman Specialty Oil Corp., specializes in the manufacture and marketing of highly refined products and specialty solvents. Although debt will increase as a result of the transaction, Calumet's low debt leverage since its early-2006 IPO and subsequent debt repayment has left room for such a transaction. Calumet's business profile should benefit from the greater asset diversity resulting from the acquisition; however, Standard & Poor's remains concerned about cash distribution levels through the...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.