S&P raises Gulf Finance loan to B+

S&P said it affirmed its B- issuer credit rating on Gulf Finance LLC and raised the issue-level rating on the company’s senior secured term loan to B+ from B.

S&P removed the rating from CreditWatch with positive implications, where it was placed on Sept. 5, 2023.

In addition, the agency revised the recovery rating on the term loan B to 1 from 2, which indicates an expectation of very high (90%-100%; rounded estimate: 90%) recovery in the event of payment default.

The outlook is stable.

Gulf Finance completed the sale of its branded marketing business to Metroplex Energy, Inc., a wholly owned subsidiary of RaceTrac Inc., and four terminals to Global Partners LP. Gulf used the net proceeds of approximately $455 million excluding proceeds from working capital adjustments to partially pay down its term loan B and asset-based lending facility.

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