CVR Partners L.P. #B+# Corporate Credit Rating Affirmed, Outlook #B+# Issue-Level Rating Affirmed

Stocks and Financial Services Press Releases Wednesday May 17, 2017 09:02
NEW YORK--17 May--S&P Global Ratings

NEW YORK (S&P Global Ratings) May 16, 2017--S&P Global Ratings today affirmed its 'B+' corporate credit and issue-level ratings on master limited partnership (MLP) CVR Partners L.P. The outlook is stable.

Our recovery rating on the partnership's senior secured notes remains '3'. The '3' recovery rating indicates our expectation lenders can expect meaningful (50% to 70%; rounded estimate: 50%) recovery in the event of a payment default.

Despite our view that pricing in the nitrogen fertilizer sector will not meaningfully improve in 2017, we affirmed the ratings under the expectation that pricing will recover in 2018. With pricing below our previous assumptions, we have lowered the financial risk profile assessment to highly leveraged, from aggressive. In our view, the corporate credit rating continues to benefit from the creditworthiness and cash flow diversity of ultimate parent CVR Energy, Inc.

The stable rating outlook on CVR Partners L.P. reflects our expectation the partnership will maintain adjusted leverage of about 6x in 2017, improving to about 5x in 2018, based on an expectation of an improved commodity pricing environment. During this time, we expect the partnership to maintain adequate liquidity.


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