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S&P puts Southcross on watch
S&P said it placed its CCC+ corporate credit and senior secured debt ratings on Southcross Holdings Borrower LP on CreditWatch with positive implications.
The 3 recovery rating on the debt is unchanged, indicating a view of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.
The agency also placed the CCC+ corporate credit and senior secured debt ratings on Southcross Energy Partners LP on CreditWatch with positive implications. The 3 recovery rating indicates a view of meaningful recovery (50%-70%; rounded estimate: 60%).
“The positive CreditWatch listing of both Southcross entities and their secured debt reflects our expectation that we will raise the ratings in line with those of [American Midstream Partners LP],” S&P said in a news release.
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