Research Update: 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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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. On July 12, 2010, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Calumet Specialty Products Partners L.P....
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.,Calumet Lubricants Company, L.P.,Calumet Finance Corp.
Action: New Rating
Calumet Specialty Products Partners L.P.,Calumet Lubricants Company, L.P.,Calumet Finance Corp.
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