Summary: SemGroup Corp. Jan 12

Standard & Poors, January 2012

Abstract
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.
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

SemGroup Corp.

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