Fitch pulls AmeriGas observation

Fitch Ratings said it removed AmeriGas Partners, LP’s ratings from under criteria observation and affirmed its and its fully guaranteed financing co-borrower AmeriGas Finance Corp.'s long-term issuer default ratings at BB.

The agency also applied its updated "Corporates Recovery Ratings and Instrument Ratings Criteria," and affirmed the unsecured senior note rating of BB and revised the recovery rating to RR4 from RR3.

Fitch placed the ratings under observation after the April 9 publication of its updated recovery ratings criteria.

“Instrument ratings and RRs for AmeriGas' debt instruments are based on Fitch's newly introduced notching grid for issuers with BB category long-term IDRs. This grid reflects average recovery characteristics of similar-ranking instruments. The senior unsecured debt is capped at RR4. The RR4 denotes average recovery (31%-50%) in the event of default,” the agency said in a press release.

The outlook is stable.

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