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Calumet Specialty Products Partners' $450 Mil. Proposed Notes Rated 'B' With '4' Recovery Rating
Standard & Poors, July 2010
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
Refining and marketing company Calumet Specialty Products has announced a $450 million offering of senior unsecured notes. Calumet is a master limited partnership (MLP). We expect challenging industry conditions to persist for the next 12 to 18 months. We have affirmed the 'B' corporate credit rating on the company. We have assigned a 'B' rating to the proposed $450 million senior unsecured notes, with a recovery rating of '4' , indicating expectation for average recovery (30%-50%) in the event of a payment default. The stable outlook reflects our view that Calumet will likely maintain adequate liquidity despite weak operating margins. NEW YORK (Standard & Poor's) July 12, 2010--Standard & Poor's Ratings Services today affirmed its 'B' corporate credit rating on...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.
Action: New Rating
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