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BreitBurn Energy Partners' Proposed $250 Million Senior Unsecured Notes Rated ?B? Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 10, 2012--Standard & Poor's Ratings Services today assigned its 'B' issue-level rating to Breitburn Energy Partners' (BreitBurn) proposed $250 million senior unsecured notes due 2022. We assigned a '5' recovery rating to this debt, indicating our expectation of modest (30% to 50%) recovery in a payment default. The 'B' rating is one notch below the corporate credit rating on Breitburn and incorporates our expectation that the company will use the proceeds from the proposed notes to repay outstanding debt and for general partnership purposes. (For the complete recovery analysis, see Standard & Poor's recovery report on Breitburn to be published on RatingsDirect following the release of this report.) The ratings on Los Angeles-based oil...
Companies mentioned in this report are: BreitBurn Energy Partners
Action: New Rating
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.
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