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Calumet Specialty Products Partners L.P.
Standard & Poors, Nov 2009
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 fuel production should add some cushion to commodity price swings; and The operation of three refineries provides some asset and cash flow diversification in the company's specialty product business. Limited cushion to near-term financial covenants; Liquidity concerns due to borrowing base exposure to crude oil and refined product prices; High debt leverage; Highly volatile nature of refining margins; and Virtually all fuel production occurs at one refinery (Shreveport). The ratings on Indianapolis-based Calumet Specialty Products Partners L.P. reflect its position as a small, independent petroleum refiner structured as a master limited partnership (MLP); its high debt leverage; significant cash distributions that limit the able to repay debt; and continued weak market conditions in the refining industry. Standard &...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.,Calumet Lubricants Company, L.P.
Action: Review
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