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Calumet Specialty Products Partners L.P.
Standard & Poors, Dec 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: Full Analysis
Abstract
Hedges on the Gulf Coast 2:1:1 crack spread should provide some stability to cash flows from fuel sales; and The operation of three refineries provides some asset and cash flow diversification in the company's specialty product business. Virtually all fuel production occurs at one refinery (Shreveport); The company's small size limits its economies of scale; and Growth of the fuels business could add volatility to earnings and cash flow, absent significant hedging at favorable crack spreads. The ratings on Indianapolis, Ind.-based Calumet Specialty Products Partners L.P. reflect its position as a small, independent petroleum refiner structured as a master limited partnership (MLP); its hedging on around 60% of fuel production through 2010; its more stable specialty product margins; its moderate...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.
Action: Review
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