S&P rates Exterran Energy notes B+, loan BB+

S&P said it assigned its BB- corporate credit rating to Exterran Energy Solutions LP. The outlook is stable.

S&P also assigned a B+ issue-level rating and 5 recovery rating to Exterran's $300 million senior notes due 2025. The 5 recovery rating indicates that lenders can expect modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default.

At the same time, S&P assigned a BB+ issue-level rating and 1 recovery rating to Exterran's $680 million revolving credit facility. The 1 recovery rating indicates that lenders can expect very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.

“The stable outlook reflects our expectation that Exterran will maintain debt to EBITDA below 3x in 2017, in addition to maintaining adequate liquidity,” said S&P credit analyst Jacqueline Fay in a news release.

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