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S&P lifts TPC view to stable
S&P said it affirmed the CCC+ corporate credit rating on TPC Group, Inc. and revised the outlook to stable from negative.
The agency also said it affirmed the CCC+ ratings on the company's first-lien secured debt.
The recovery rating remains at 4, indicating 30% to 50% expected default recovery.
The stable outlook reflects a view that TPC's amended asset-backed loan asset-backed loan and maturity profile make a payment crisis over the next 12 months unlikely, although the agency said it continues to view their leverage as unsustainable.
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