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Calumet Specialty Products Partners L.P.
Standard & Poors, Nov 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: Full Analysis
Abstract
Continued good performance of the specialty products business; and The operation of three refineries provides some asset and cash flow diversification in the company's specialty products business. Ability to maintain cushion to financial covenants given weak fuel margins; 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 the weak near-term outlook for the highly volatile refining and marketing industry, elevated debt leverage, small scale of operations, and limited discretionary cash flows given its master limited partnership (MLP) structure. Ratings also reflect expectations for continued favorable margins...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.,Calumet Lubricants Company, L.P.,Calumet Finance Corp.
Action: Review
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