S&P rates Titan Petrochemical bonds B+

Standard & Poor's said it affirmed its BB- corporate credit rating on Titan Petrochemicals Group Ltd. The outlook is stable.

At the same time the ratings agency assigned its B+ issue rating to Titan's proposed $400 million senior unsecured bonds.

S&P said the ratings on Titan reflect the company's exposure to the volatile tanker spot markets, its substantial vessel acquisition program and its participation in the competitive oil transportation business.

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