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Summary: SemGroup Corp. Jan 12
Standard & Poors, January 2012
The ratings on U.S. midstream energy company SemGroup Corp. reflect a weak business risk profile and an aggressive financial risk profile. SemGroup's limited operating track record since emerging from bankruptcy, its small scale, and some commodity price exposure characterize the company's weak business risk profile. The aggressive financial risk profile incorporates SemGroup's current leverage statistics and the working capital needs associated with certain of its business units. SemGroup's diverse business lines and largely fee-based revenue stream partially offset these risks. SemGroup filed for bankruptcy protection in June 2008 after wrong-way trades in crude oil hurt its trading operations, and the company was under considerable pressure to post margin. SemGroup emerged from bankruptcy in December 2009 after it retooled its business...
Companies mentioned in this report are: SemGroup Corp.
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