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Bulletin: Calumet Specialty Products Partners L.P. Ratings Unaffected By Plan To Acquire Penreco
Standard & Poors, Oct 2007
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) 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.
Action: Bulletin
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