Summary: Genesis Energy, L.P. Nov 11
Standard & Poors, November 2011
Abstract
Standard & Poor's Ratings Services' rating on Genesis Energy L.P. reflects its fair business profile and aggressive financial profile. Our business risk assessment reflects the partnership's limited scale and aggressive growth strategy. Somewhat offsetting these weaknesses in our view are the fee-based nature of the majority of its business lines and its profitable niche refinery services segment, whereby it markets sodium hydrosulfide (NaHS). The financial profile reflects the partnership's somewhat aggressive financial leverage and the master limited partnership structure, which gives Genesis much incentive to pay out most of its cash flow after maintenance capital spending to unitholders each quarter. Genesis has embarked on a number of expansion projects over the past year and we expect the partnership to continue...
Companies mentioned in this report are: Genesis Energy, L.P.
Action: Review
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Genesis Energy, L.P.
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