The ratings on Deer Park Refining L.P. reflect the company's strong business risk profile based on its strategic importance to parent Shell Oil Co. Also, its modest financial risk profile incorporates a commitment to a balanced capital structure and the support of its parent companies, as evidenced by past capital contributions and liquidity support arrangements. Standard & Poor's Ratings Services views the support of Deer Park's parents as crucial to offsetting risks associated with volatile refining margins, the capital-intensive nature of the business, and the concentration associated with having a single, though large, refining asset. Shell and PMI Norteamerica S.A. de C.V., an unrated subsidiary of Petroleos Mexicanos (PEMEX), formed Deer Park in February of 1993 to own, operate, and...
Companies mentioned in this report are:
- Deer Park Refining L.P.
- Shell Oil Co.
- Petroleos Mexicanos
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