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S&P ups Tesoro loan to BBB
Standard & Poor's said it raised its issue-level rating on Tesoro Corp.'s $500 million term loan B due 2016 to BBB from BBB- and revised the recovery rating on the term loan to 1 from 2. S&P said it has raised its recovery expectations on Tesoro's term loan to reflect the principal repayment of about $100 million.
The recovery rating of 1 indicates an expectation of very high (90% to 100%) recovery if a payment default occurs.
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