S&P rates Enviva notes B+

S&P said it assigned its B+ corporate credit rating to master limited partnership Enviva Partners LP. The outlook is stable.

S&P also assigned a B+ issue-level rating and 4 recovery rating to Enviva's $300 million senior unsecured notes due 2021. The 4 recovery rating indicates that lenders can expect average recovery (30% to 50%, lower half of the range) recovery in the event of a payment default. Enviva Partners Finance Corp. is a co-issuer of the debt.

“Based on the above-average contract profile, we expect the company to maintain adequate liquidity and adjusted debt to EBITDA below 4x through 2018,” said S&P credit analyst Jacqueline Fay in a news release.

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