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S&P: Alon on watch
Standard & Poor's said it placed the B corporate credit ratings on Alon USA Energy Inc. (Alon USA) and Alon Refining Krotz Springs Inc. on CreditWatch with negative implications.
The agency also said it placed the B+ rating on Alon USA's term loan B and the B rating Alon Krotz Springs' $216.5 million senior secured notes on CreditWatch with negative implications. The recovery rating on Alon USA's term loan B remains 2, indicating 70% to 90% recovery in a default. The recovery rating on the $216.5 million senior secured notes remains 3, indicating 50% to 70% recovery.
The agency said it intends to resolve the CreditWatch sometime in the first quarter of 2011after it evaluates how successful Alon is in executing its operating plans as it works toward managing the Krotz Springs crude feedstock and starts the recently purchased Bakersfield refinery to support its California assets.
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