S&P revises view on Tortoise to negative

S&P said it has revised its outlook on Tortoise Parent Holdco LLC to negative from stable due to the company’s lower-than-expected financial results.

At the same time, the agency affirmed its BB- issuer credit rating and BB- issue rating on the senior secured term loan.

“We believe that Tortoise's position in the market, although niche and with some locked-up capital, is challenged given its smaller size in combination with broader industry pressures,” S&P said in a news release.

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