Moody’s lifts TPC Group

Moody's Investors Service said it upgraded TPC Group Inc.'s corporate family rating to B2 and upgraded the rating on its $805 million senior secured notes due 2020 to B2 from B3.

The upgrade reflects the significant improvement in financial performance in 2018 and improved first quarter 2019 results, the agency said.

The outlook is stable.

“TPC has demonstrated much stronger financial performance over the past four quarters due to changes to the structure of its contracts and better reliability in the operation of key production units,” John Rogers, senior vice president at Moody's and lead analyst for TPC, said in a news release.

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