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S&P gives Genesis notes B
S&P said it assigned its B issue-level rating and 3 recovery rating to Genesis Energy LP's senior unsecured notes. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery in default.
The agency affirmed Genesis’ B issuer and issue ratings on Aug. 29.
The company will use the proceeds to fully redeem its 2024 notes and for general corporate purposes, including repaying a portion of the revolver borrowings under its credit facility.
The outlook is stable.
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