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S&P affirms NuStar Energy
S&P said it affirmed its BB corporate credit rating on NuStar Energy LP.
The outlook is negative.
The agency also affirmed the BB issue-level rating on NuStar's senior unsecured debt based on the 3 recovery rating, which indicates a view that lenders can expect meaningful (50%-70%; rounded estimate: 55%) recovery if a payment default occurs.
In addition, S&P affirmed the B+ rating on the company's subordinated debt based on the 6 recovery rating, reflecting an expectation of negligible (0%-10%; rounded estimate: 0%) recovery.
The negative outlook reflects a view that despite the simplification and distribution reset, NuStar's leverage will remain above 7.25 times in 2018.
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