S&P affirms Global Partners

Standard & Poor’s said it affirmed its B+ corporate credit rating on Global Partners LP. The outlook is stable.

S&P also affirmed the BB rating on the senior secured debt and B+ rating on the senior unsecured debt.

The recovery rating on the senior unsecured debt remains 4, indicating expectations of average recovery in the event of a payment default. However, based on S&P’s expectations for a lower valuation under its post-default scenario, S&P said it now expects recovery in the lower half of the 30% to 50% range.

“The ratings reflect our belief that the actions Global Partners has taken to preserve cash flow and provide additional financial flexibility will allow the partnership to maintain credit measures appropriate for the current rating,” said S&P credit analyst Michael Grande in a news release.

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