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S&P cuts Pacific Energy, rates LB Pacific loan B-
Standard & Poor's said it lowered its corporate credit rating on Pacific Energy Partners LP to BB from BB+ as a result of the sale by The Anschutz Corp. of the general partner to Lehman Brothers Merchant Banking.
The ratings were removed from CreditWatch, where they were placed on Nov. 1. The outlook is now stable.
At the same time, S&P assigned its B- corporate credit rating and bank loan rating, as well as a stable outlook, to LB Pacific LP and its proposed $170 million senior secured term loan.
LB Pacific is being formed by Lehman Brothers to purchase Pacific Energy's general partner and another approximate 35% ownership stake through subordinated equity units.
S&P said it believes the change in Pacific Energy's general partner will result in a new strategic direction and accelerated growth that will raise the company's business risk.
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