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Calumet Specialty Products Partners L.P.'s $375 Million Senior Unsecured Notes Rated 'B'
Standard & Poors, April 2011
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
NEW YORK (Standard & Poor's) April 12, 2011--Standard & Poor's Ratings Services said today it assigned its 'B' issue rating (same as the corporate credit rating) to Calumet Specialty Products Partners L.P.'s proposed $375 million senior unsecured notes due 2019. The recovery rating on the notes is '3', indicating our expectation for meaningful recovery (50% to 70%) in the event of a payment default. Calumet plans to use the proceeds from the notes to repay all outstanding borrowings under subsidiary Calumet Lubricants Co., L.P.'s senior secured term loan facility due 2015. As of Dec. 31, 2010, about $367 million was outstanding. (For the complete recovery analysis, see Standard & Poor's recovery report on Calumet to be published on RatingsDirect following...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.
Action: New Rating
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