S&P moves Calumet outlook to stable

S&P said it changed its outlook for Calumet Specialty Products Partners LP to stable from positive. The agency also affirmed the B- issuer and senior unsecured notes rating and the B+ rating on the senior secured notes. The 1 recovery rating on the senior secured notes and the 3 rating on the unsecured notes are unchanged.

“Calumet Specialty Products Partners LP's operating performance thus far in 2023 has been weaker than previously anticipated. This is due to lower production rates on a slower-than-expected upscaling of operations at its Montana Renewables facility and unplanned outages.

“Additionally, the company's senior secured notes maturing in July 2024 remain current, which we expect the company will redeem before maturity, and the company's unsecured notes due 2025 become current in April 2024,” S&P said in a press release.

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