S&P: CVR Refining notes B+

Standard & Poor's said it affirmed its B+ corporate credit rating on Coffeyville Resources LLC and revised the outlook on the rating to stable from developing.

The agency also affirmed its BB rating on the company's $447 million first-lien senior secured notes and the B+ rating on its $223 million second-lien senior secured notes.

S&P assigned a B+ issue rating to CVR Refining LLC's $500 million senior unsecured second-lien notes, which Coffeyville initially guarantees.

At the same time, the agency said it revised its recovery rating on Coffeyville's second-lien senior secured notes to 3 from 4, indicating a higher expectation of recovery to lenders in a payment default, and we assigned a 3 recovery rating to the new CVR Refining LLC notes.

"The stable outlook reflects Coffeyville's strong liquidity and our expectation of robust refining margins through 2013," said S&P credit analyst Mark Habib in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.