Deer Park Refining L.P. Rating Raised To #BBB+# From #BBB#, Outlook #A-2-# Commercial Paper Rating Withdrawn

Stocks and Financial Services Press Releases Friday July 21, 2017 08:49
NEW YORK--21 Jul--S&P Global Ratings

NEW YORK (S&P Global Ratings) July 20, 2017--S&P Global Ratings said today itraised its corporate credit rating on Deer Park Refining L.P. to 'BBB+' from'BBB'. The outlook is stable. In addition, at the company's request, wewithdrew the 'A-2' short-term rating on its commercial paper program.

The stable outlook reflects our view of adjusted FFO to debt of about 60%,debt to EBITDA of about 1.6x, and a utilization rate of about 80% over theforecast period.

We could lower our ratings on Deer Park if there is a material reduction incrack spreads, perhaps due to softening demand; an increase in operatingexpenses; decreased utilization; or a change in policy to increase debt tofinance capital expenditures or partner distributions and if debt to EBITDAwere to go above 2.5x on a sustained basis.

Given the single-asset nature of the refiner, we currently view an upgrade asunlikely. Absent an increase in the scale or scope of the business, which wedo not expect, even a material improvement in debt to EBITDA is unlikely tolead to a higher rating.


Latest Press Release

KTC invites members to enjoy shopping with worthwhileness and special privileges at Osaka Japan.

Miss Sudchavee Banjobdee, Senior Manager – Credit Card Business, "KTC" or Krungthai Card Public Company Limited,jointly with Miss Tharinee Wongwattanun, Senior Marketing Manager, JCB International (Thailand) Company Limited, invite KTC JCB PLATINUM...

New Accenture Study Forecasts End to #Lucrative Inefficiencies for $1 Trillion Capital Markets Industry as It Adapts to the Digital Age

Wealth and asset managers generate most of the industry's profits but struggle to find scale efficiencies and are highly exposed to squeeze scenarios A new study from Accenture (NYSE: ACN) shows how the capital markets industry can wring out historical...

UMITRON secures US$2 million project funding from the Inter-American Development Bank to deliver IoT and AI technology to drive growth of sustainable aquaculture in Lake Titicaca, Peru

UMITRON PTE.LTD. (Singapore, Co-founder/Managing Director, Masahiko Yamada) in cooperation with Abaco (Cooperativa de Ahorro y Credito) and its subsidiary Piscis (Piscifactorias de los Andes) has been approved for US$2 million project funding to improve...

Photo Release: KBank wins Best Private Bank in Thailand 2018 award on the global stage

Mr. Jirawat Supornpaibul, Private Banking Group Head, recently represented KBank to receive the "Best Private Bank in Thailand 2018" award at the PWM/The Banker Global Private Banking Awards, organized by The Banker Magazine. It is the 24th best private...

Fitch Affirms BAFS at #A+(tha)#; Maintains Negative Outlook

Fitch Ratings (Thailand) Limited has affirmed Bangkok Aviation Fuel Services Public Company Limited's (BAFS) National Long-Term Rating at 'A+(tha)' and maintained Negative Outlook. Fitch has also affirmed BAFS's National Short-Term Rating at...

Related Topics