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Research Update: Gibson Energy ULC, GEP Midstream Finance Corp. Assigned 'BB-' Rating; Outlook Stable May 09

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Abstract
On May 19, 2009, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to Calgary, Alta.-based Gibson Energy ULC and its subsidiary, GEP Midstream Finance Corp. The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' rating, with a recovery rating of '3', to Gibson and GEP's planned US$545 million first-lien senior secured notes due 2014. The recovery rating indicates our opinion of an expectation of meaningful recovery (50%-70%) in a default scenario. The notes' proceeds will repay the two secured loans currently in place. Founded in 1953, Gibson is a diversified oil and gas midstream company operating primarily in Alberta. Its major business segments consist of terminals and pipelines, truck transportation, propane...

Companies mentioned in this report are: Gibson Energy ULC,GEP Midstream Finance Corp
Action: New Rating
Action: Outlook: Stable

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.

Companies Mentioned

Gibson Energy ULC,GEP Midstream Finance Corp

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Research Update: Gibson Energy ULC, GEP Midstream Finance Corp. Assigned 'BB-' Rating; Outlook Stable May 09

Fax order form

Order information

Product name

Web Address

Office Code

Report Formats

Contact information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Payment information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)