S&P shifts Natgasoline view to stable

S&P said it changed the outlook for Natgasoline LLC to stable from negative and affirmed the BB- ratings on its term loan and revolver. The 2 recovery ratings, indicating substantial (70%-90%; rounded estimate: 75%) recovery in default, are unchanged.

“We expect Natgasoline will produce at about nameplate capacity since its operational issues related to the waste heat boiler have been resolved. Natgasoline's recurring operational setbacks, which resulted in lower-than-nameplate capacity production since the plant came online in 2018, should now be permanently resolved. Those issues largely stemmed from a problematic initial waste heat boiler (WHB), which was replaced at the end of 2021,” S&P said in a press release.

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