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S&P may lower VeraSun
Standard & Poor's said it placed the B+ corporate credit rating on VeraSun Energy Corp. on CreditWatch with negative implications, as well as the B+ rating on its $210 million senior secured notes due 2012 and the B- rating on the $450 million senior unsecured notes due 2017.
S&P said the action follows the company's announcement that it will delay the startup of the Hankinson, N.D. facility.
"If the delay in the three plants' startup appears that it will be extended past the third quarter, or if crush spreads fail to recover quickly from current levels, we could lower the ratings," S&P analyst Justin Martin said in a written statement.
If market conditions for corn improve or ethanol prices increase sufficiently to offset corn prices, ratings could be stabilized, the agency noted.
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