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Summary: Deer Park Refining L.P. Jul 06

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Abstract
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., and modest financial risk profile, which incorporates a commitment to a balanced capital structure and the support of its parent companies, as evidenced by past capital contributions and the liquidity support arrangements. We view the support of Deer Park's parents as crucial to offsetting risk associated with exposure to volatile refining margins, the capital-intensive nature of the business, and the concentration associated with a single, though large, refining asset. Shell and PMI Norteamerica S.A. de C.V., a subsidiary of Petroleos Mexicanos (PEMEX), formed Deer Park in February of 1993 to own, operate, and upgrade the fuels...

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.

Companies Mentioned

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

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Summary: Deer Park Refining L.P. Jul 06

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