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S&P upgrades Alon USA
Standard & Poor’s said it raised the corporate credit on Alon USA Partners LP to B+ from B.
The upgrade reflects the partnership’s improved scale and credit measures, S&P said.
The outlook is stable.
The agency also said it assigned a B+ rating to the partnership’s proposed senior unsecured notes due 2022. The recovery rating on the partnership’s proposed senior unsecured debt is 3, indicating 50% to 70% expected default recovery.
The ratings reflect the company’s vulnerable business risk profile and significant financial risk profile, S&P said.
The proceeds will be used to fund the Krotz Springs Refinery acquisition, repay the term loan due 2018 and for general partnership purposes, the agency said.
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