S&P cuts Epic Crude

S&P said it downgraded its issuer and issue ratings on Epic Crude Services LP to B- from B.

“The downgrade reflects increased leverage metrics in comparison to our prior forecasts resulting from lower adjusted EBITDA levels. We now expect the partnership to achieve a debt-to-EBITDA ratio above 10x in 2020 (operational for nine months), compared with our prior expectations of 6.5x-7x in 2020,” S&P said in a press release.

The outlook is negative.

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