S&P upgrades TGGT

Standard & Poor's said it raised its issue-level rating on TGGT Holdings LLC's senior secured credit facilities to B+ from B and revised the recovery rating on the debt to 2 from 3. The B corporate credit rating on TGGT is unaffected.

The actions follow a change in the maturity and amortization of the term loan.

The 2 recovery rating indicates an expectation for substantial (70% to 90%) recovery for lenders in the event of a payment default. The higher recovery rating reflects lower priority claims as well as less senior debt outstanding at the time of default.

S&P said the outlook remains stable, reflecting S&P's view that the company will continue to have adequate liquidity to execute on its expansion strategy in the Haynesville/Bossier shale region, and that the company will maintain its total debt to EBITDA at less than 4x (including any non-common equity interests).

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