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S&P: Hi-Crush Partners loan B
Standard & Poor's said it assigned a B+ corporate credit rating on Hi-Crush Partners LP.
The agency also said it assigned a B rating to the company's proposed $200 million term loan B due 2021. The recovery rating is 3, indicating 50% to 70% expected default recovery.
The outlook is stable.
Despite the company's small size, Hi-Crush has maintained strong EBITDA margins above 40% in its brief history, S&P said.
While this reflects the quality of its current assets, the agency said it believes the master limited partnership will pursue a level of acquisition-based growth that introduces additional integration risk and could lead to higher debt levels.
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