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S&P rates FR BR term loan B-
S&P said it assigned a B- issuer credit rating to FR BR Holdings LLC.
S&P also assigned a B- issue-level rating and 3 recovery rating to the company's $500 million term loan B.
“Our rating on FR BR Holdings (FRBR) reflects the differentiated credit quality between FRBR and that of its 50% ownership interest in Blue Racer Midstream, which is rated B+. There are no other substantive assets at FRBR,” S&P said in a news release.
The rating also reflects the structural subordination of the distributions FRBR receives from Blue Racer, which it does not control.
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