S&P: TransMontaigne developing

Standard & Poor's said it placed its BB- corporate credit rating and B subordinated debt rating on TransMontaigne Inc. on CreditWatch with developing implications.

The rating action follows the announcement that TransMontaigne's board of directors approved the formation of a master limited partnership for certain of its assets (primarily assets from TransMontaigne's terminal, pipeline, tug and barge businesses) and TransMontaigne would be the general partner and retain the distribution and marketing business.

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