S&P lifts TPC Group, notes

S&P said it raised its issuer credit rating on TPC Group Inc. to B- from CCC+.

The outlook is stable.

The agency said it also raised the issue-level rating on the company's first-lien secured notes. The recovery rating remains 4, indicating an expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of payment default.

“The upgrade reflects our view of improved end-market fundamentals with more normalized butadiene pricing and that the company will continue to benefit from additional ethylene capacity coming on stream, which drives the need for additional crude C4 processing,” S&P said in a news release.

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