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Star Gas Partners L.P.
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: Full Analysis
Adequate liquidity through fiscal-year-end 2011; Strong financial metrics; Improved contract mix; and Consistent per-gallon margins. Pressure on heating oil volumes from customer attrition and conservation; Exposure to volatile commodity prices; A highly competitive industry with declining demand; and Lower financial flexibility from the master limited partnership structure, which pays out virtually all cash flows to unit holders after debt service and maintenance capital expenditures. The ratings on Star Gas Partners L.P. reflect the partnership's vulnerable business risk profile and significant financial risk profile. The rating acknowledges the company's persistent customer attrition and customer conservation, exposure to volatile heating oil prices, intense competition, and the financial constraints associated with its master limited partnership (MLP) structure. The partnership's improved contract mix, ample...
Companies mentioned in this report are: Star Gas Partners L.P.,Star Gas Finance Co.
Star Gas Partners L.P.,Star Gas Finance Co.