Deer Park Refining L.P. Rating Raised To #BBB+# From #BBB#, Outlook #A-2-# Commercial Paper Rating Withdrawn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


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