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S&P assigns Exterran notes B-
Standard & Poor's said it assigned its B corporate credit rating to Exterran Partners LP. The outlook is stable.
S&P also assigned a B- issue rating (one notch lower than the corporate credit rating) to the company's proposed $300 million senior unsecured notes due 2021. The agency assigned the notes a 5 recovery rating, indicating expectations of modest (10% to 30%) recovery in the event of a payment default.
"The ratings on EXLP, an operating subsidiary with 31% ownership by Exterran Holdings, reflect our assessment of its 'vulnerable' business risk profile, an 'aggressive' financial risk profile and 'adequate' liquidity," said S&P credit analyst Susan Ding in a news release.
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