S&P rates Citgo’s loan, notes B

S&P said Citgo Holding Inc.’s $500 million senior secured term loan B due 2023 and $1.37 billion senior secured notes due 2024 were assigned B ratings with a 2 recovery rating. It also put the issue level ratings on CreditWatch.

S&P put all of its ratings for Citgo Holding and subsidiary Citgo Petroleum Corp. on CreditWatch on Dec. 7, 2017.

The company plans to use the notes’ proceeds to refinance existing notes, so S&P considers the offering leverage neutral.

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