S&P lowers Martin Midstream view to negative

S&P said it revised the outlook on Martin Midstream Partners LP to negative from stable and affirmed the B issuer credit rating.

The agency also said it affirmed the B- rating on the partnership's senior unsecured notes due February 2021.

The recovery rating of 5 indicates 10% to 30% expected default recovery.

The outlook is negative.

Martin's revolving credit facility, which currently has about $287 million outstanding, matures in March 2020.

Given the approaching maturity and a view of the partnership's less-than-adequate liquidity, S&P said it considers refinancing risk to be heightened over the next 12 months.

The negative outlook reflects the company's constrained liquidity, the agency said.

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