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S&P rates SPI Petroleum, loan B
Standard & Poor's said it assigned its B corporate credit rating to SPI Petroleum LLC.
At the same time, S&P said it assigned its B senior secured rating and its 4 recovery rating to the company's proposed $155 million first-lien term loan B, which will be used to help fund the proposed acquisition of two privately held distribution companies.
The outlook is stable.
S&P noted that the ratings on SPI Petroleum reflect its participation in the very fragmented refined product distribution market typified by slim operating margins and commodity price volatility.
Furthermore, reflecting an acquisitive growth strategy, SPI will face high debt leverage and the integration risk associated its acquisitions, offsetting favorable near-term market conditions, the agency added.
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