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S&P rates Blue Racer notes B, loan BB
Standard & Poor’s said it assigned its B+ corporate credit to Blue Racer Midstream LLC.
At the same time, S&P assigned a B issue-level rating and a 5 recovery rating to the $400 million senior unsecured notes due 2022. The 5 recovery rating indicates that lenders can expect modest (10% to 30%) recovery of principal if a payment default occurs.
At the same time, S&P assigned a BB issue-level rating to the company’s senior secured revolving credit facility. S&P said it is assigning a 1 recovery to the credit facility. The 1 recovery rating indicates very high (90% to 100%) recovery.
The outlook is stable.
“Our ratings on Blue Racer reflect our assessment of its ‘weak’ business risk profile and ‘aggressive’ financial risk profile,” said S&P credit analyst Mike Llanos in a news release.
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