NuStar Energy L.P.#s Proposed Perpetual Preferred Stock Issuance Rated #B+#

Stocks and Financial Services Press Releases Wednesday April 26, 2017 09:01
NEW YORK--26 Apr--S&P Global Ratings

NEW YORK (S&P Global Ratings) April 25, 2017--S&P Global Ratings said today it assigned its 'B+' issue-level rating to NuStar Energy L.P.'s proposed perpetual preferred stock issuance. We classify the issuance as having intermediate equity credit, reflecting our belief that the issue meets our standards for intermediate equity classification, including permanence, subordination, and deferability. The partnership intends to use net proceeds to finance the acquisition of Navigator Energy Services.

San Antonio, Texas–based NuStar Energy L.P. specializes in operating crude, refined products, and specialty liquids terminals and pipelines. Our corporate credit rating on NuStar is 'BB+', and the outlook is stable. For the corporate credit rating rationale, see the research update published on April 20, 2017.


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