Summary: Coffeyville Resources LLC Apr 11

Standard & Poors, April 2011

Abstract
The corporate credit rating on Kansas-based refiner and fertilizer producer Coffeyville Resources LLC is 'B+'. We rate its $275 million senior secured first-lien term notes ($247.5 million remaining) 'BB', with a recovery rating of '1', indicating our expectation for a very high (90%-100%) recovery of principal in the event of default. We rate Coffeyville's $225 million senior secured second-lien term notes 'BB-', with a recovery rating of '2', indicating our expectation for a substantial (70%-90%) recovery of principal in the event of default. The rating outlook is stable. The ratings on Coffeyville reflect Standard & Poor's Ratings Services' improved expectation of crack spreads and fertilizer margins for at least the next year, and a continued focus on maintaining low leverage...

Companies mentioned in this report are:
- Coffeyville Resources LLC

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Coffeyville Resources LLC

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