S&P ups Martin Midstream notes to B

S&P said it raised the rating on Martin Midstream Partners LP’s senior notes due 2021 to B from B- and revised the recovery rating to 3 (50%-70%; rounded estimate: 55%), from 5 (10%-30%; rounded estimate: 20%).

S&P cited Martin’s cutting its loan facility to $400 million from $500 million and extending the maturity date to August 2023 from March 2020 for the upgrade.

Martin also completed selling its Cardinal Gas Storage for a net $210 million and used the proceeds to reduce its outstanding debt.

The outlook is stable, which S&P said mirrors the company’s improved liquidity profile.

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