S&P: PL Propylene B-, loans B

Standard & Poor's said it assigned its preliminary B- corporate credit rating to PL Propylene LLC. The outlook is positive.

At the same time, the agency said it assigned its preliminary B senior secured debt rating and a preliminary recovery rating of 2 to the company's proposed $120 million senior secured four-and-a-half-year revolving credit facility and $350 million senior secured five-year term loan B.

The agency said these ratings reflect its expectation for a substantial recovery in the event of a payment default.

"The preliminary ratings on PL Propylene reflect its 'vulnerable' business risk profile and 'aggressive' financial risk profile, as our criteria define those terms," said S&P credit analyst Danny Krauss in a news release.

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