Bulletin: Rating On SemGroup Corp. Is Unchanged After Master Limited Partnership Announcement Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 29, 2011--Standard & Poor's Ratings Services said today that its corporate credit rating and outlook on SemGroup Corp. (B/Stable/--) will not be affected by the company's announcement that it will pursue the formation of a master limited partnership (MLP) that will initially acquire certain assets from its SemCrude division. SemGroup intends to conduct an initial public offering of common units and use the residual proceeds to reduce its bank debt. SemGroup will own the MLP's general partner, all of the incentive distribution rights, and a majority limited partnership interest in the MLP. While we consider the formation of the MLP credit negative, due in part to the aggressive distribution policy inherent to the MLP...
Companies mentioned in this report are: SemGroup Corporation
Action: Bulletin
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
SemGroup Corporation
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