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S&P: TPC Group on watch
Standard & Poor's said it placed its ratings on TPC Group LLC, including the B+ corporate credit rating, on CreditWatch with negative implications.
"The CreditWatch placements follow the announcement that TPC has entered into an agreement to be acquired by First Reserve Corp. and SK Capital Partners in a transaction totaling approximately $850 million, including net debt," said S&P credit analyst Daniel Krauss in a news release.
The agency said it would monitor developments relating to this potential transaction and update or resolve the CreditWatch placements when further details are available.
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