S&P affirms SPI

Standard & Poor's said it affirmed its B corporate credit rating on SPI Petroleum LLC.

The affirmation follows the announcement that SPI's wholly owned subsidiary Maxum Petroleum Inc. will be acquiring fuels, lubricants and related services provider Petroleum Products Inc. as well as two affiliated companies, Petroleum Transport Inc. and Petroleum Fueling Inc., the agency said.

According to S&P, the ratings on SPI reflect its participation in the very fragmented refined-product distribution market, typified by slim operating margins and commodity price volatility.

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