S&P gives Downstream Development notes B

S&P said it affirmed the B issuer credit rating on Downstream Development Authority.

The outlook is stable.

At the same time, the agency assigned a B issue-level rating to the company's proposed $265 million senior notes due 2025.

The company plans to use proceeds to refinance its existing term loan and senior notes.

"The affirmation of our B corporate credit rating reflects our expectation for adjusted debt to EBITDA to improve to about 5x in fiscal 2018 and 2019, given our forecast for modest EBITDA growth and debt reduction," S&P credit analyst Jason Starrett said in a news release.

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