Limetree Bay Terminals LLC#s $440 Million Term Loan B Rated #BB-# (Recovery Rating: #1#); Outlook Stable

Stocks and Financial Services Press Releases Wednesday March 8, 2017 09:27
NEW YORK--8 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 7, 2017--S&P Global Ratings said today itassigned its 'BB-' rating to Limetree Bay Terminals LLC's $440 million termloan B due 2023. The outlook is stable. The recovery rating is '1'; thisindicates our expectation for very high recovery (90%-100%; rounded estimate:95%) in case of default.

"The stable outlook reflects our opinion that storage cash flows providesufficient debt service coverage," said S&P Global Ratings credit analystMichael Ferguson. "We anticipate debt service coverage ratios of about 1.24x.We expect the restart of 7 million barrels of capacity in 2017. We also assumeadditional contracting of available storage capacity."

We could lower the rating if minimum debt service coverage ratios (DSCRs)fall below 1x due to higher-than-budgeted capital expenditures or lowcontracting rates resulting in lower-than-anticipated revenues; this couldstem from weaker market dynamics in the Caribbean.

We could raise the rating if Limetree Bay Terminals completes SPM Buoyconstruction and tank restart within budget and generates minimum DSCRs above1.4x.

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