Summary: Deer Park Refining L.P. Aug 04

Standard & Poors, August 2004

Abstract
Standard & Poor's Ratings Services affirmed its 'A' rating on Deer Park Refining L.P.'s senior unsecured debt and its 'A-1' rating on the company's commercial paper. The affirmation follows Standard & Poor's regular surveillance process. Shell Oil Co. (AA+/Negative/A-1+) and PMI Norteamerica S.A. de C.V. (PMI), a subsidiary of Petroleos Mexicanos (PEMEX; foreign currency BBB-/Stable/--), formed Deer Park Refining L.P. in February 1993 to own, operate, and upgrade the fuels refinery portion of Shell Oil's 1,600-acre integrated refinery and petrochemical facility in Deer Park, Texas. The refinery's crude processing capacity is 340,000 barrels per day (bpd) and its coking capacity is 88,000 bpd. U.S. refineries suffered from weak refining margins in 2002, but margins rebounded sharply in 2003, and this...

Companies mentioned in this report are: Deer Park Refining L.P.,Shell Oil Co.,Petroleos Mexicanos (PEMEX)
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.

Deer Park Refining L.P.,Shell Oil Co.,Petroleos Mexicanos (PEMEX)

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