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Big West Oil LLC 'B+' Rating Withdrawn On Term Loan B After Paydown Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 10, 2012--Standard & Poor's Ratings Services today withdrew its 'B+' secured debt rating on Big West Oil LLC's (Big West's) term loan B. In addition, we withdrew the '4' recovery rating on this debt. Big West has repaid the term loan in full, following its $70 million payment on this debt. The company used proceeds from its $125 million revolving credit facility, which it recently upsized from $75 million, to pay down its term loan. The corporate credit rating on Ogden, Utah-based Big West Oil LLC reflects the company's participation in the highly cyclical and volatile refining industry, its small size and scale, and its position as a single asset refiner. The key characteristic...
Companies mentioned in this report are: Big West Oil LLC
Action: Withdrawn
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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