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S&P rates Aventine B, notes B+
Standard & Poor's said it assigned Aventine Renewable Energy Holdings Inc. a B corporate credit rating and its $200 million of senior secured notes a preliminary B+ issue rating with a 2 recovery rating, indicating the expectation of substantial (70%-90%) recovery in the event of a default.
The outlook is stable.
The rating reflects the expectation that crush spreads are likely to remain sufficient to support Aventine's fixed costs, including debt service obligations, S&P said.
S&P said commodity prices have been, and will likely remain, volatile over the long term, making Aventine's profitability difficult to predict.
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