Moody's affirms Texas Petrochemicals

Moody's Investors Service said it affirmed Texas Petrochemicals LP's Ba3 corporate family rating and Ba3 rating on its $280 million seven-year senior secured term loan facilities.

Moody's said the ratings reflect the company's narrow product line, concentrated operational and geographic profile, single operating division structure and increased capital expenditures needed to bring facilities into NOx compliance.

Supporting the rating are its modest pro forma leverage, and cash flow and capitalization metrics, some of which would map to a Baa rating using Moody's chemical industry methodology.

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