S&P assigns BB- to Delek notes

S&P said it assigned BB- issue-level and 3 recovery ratings to Delek Logistics Partners LP planned $550 million of notes.

The agency said it also affirmed its BB- ratings for Delek and its outstanding senior unsecured notes; however, it also revised the recovery rating on those notes to 3 from 4, indicating meaningful (50%-70%; rounded estimate: 55%) recovery. The recovery rating revision is based on the company’s updated capital structure, S&P said.

Delek plans to use the proceeds to repay the $250 million of notes due in 2025 and borrowings from its unrated term loan.

The outlook is stable.

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