S&P: Genesis Energy unchanged

Standard & Poor's said it left its B issue-level rating and 6 recovery rating unchanged on Genesis Energy Partners LP and Genesis Energy Finance Corp.'s $250 million 7.875% notes due 2018 after the companies announced a proposed add-on of $100 million to the issue.

The agency said the recovery rating of 6 indicates an expectation of negligible recovery in the event of a payment default.

According to S&P, the partnership intends to use the net proceeds to repay amounts drawn on its $775 million revolving credit facility, following the recent acquisition of certain interests in pipeline assets.

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