S&P rates Crestwood loan B-

S&P said it affirmed its B- long-term corporate credit rating on Crestwood Holdings LLC. The outlook is stable.

At the same time, S&P assigned its B- issue-level rating and 3 recovery rating to the company's $350 million senior secured term loan B due 2023. The 3 recovery rating indicates an expectation that lenders will receive meaningful (50%-70%; rounded estimate: 65%) recovery in a default scenario.

“The affirmation reflects our view that the refinancing has no impact on the rating. The refinancing has extended the debt maturity to 2023,” S&P said in a news release.

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