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S&P: Vulcan recovery to 3
Standard & Poor's said it revised the recovery rating on Vulcan Energy Corp.'s $280 million senior secured term loan to 3 from 4, indicating 50% to 70% recovery in a default. The BB rating on the loan remains unchanged.
The revision reflects a shift in the agency's EBITDA multiple to 7x, which is consistent with the multiple applied to many midstream assets, S&P said.
Vulcan Energy's sole assets are 50.1% of the general partner interest and 9.1% of the limited partnership interest of Plains All American Pipeline LP.
The BB corporate credit rating on Vulcan is two notches below that of Plains, the agency said.
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