S&P may lower Express Energy

Standard & Poor's said it placed the B corporate credit rating on Express Energy Services Operating, LP on CreditWatch with negative implications.

The watch reflects concerns about Express' significant decrease in liquidity as a result of the Lehman Brothers bankruptcy filing earlier this week, S&P noted.

Express Energy plans to make the debt service payments from cash on hand and through the collection of receivables, according to the agency.

But hurricanes on the Gulf Coast resulted in the company's receivable collection office being closed for two weeks and the uncertainty of the hurricane's impact on Express' operations also weighs on the rating, the agency said.

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