Moody's lifts Genesis Energy

Moody's Investors Service said it upgraded Genesis Energy LP's corporate family rating to Ba3 from B1 and its senior unsecured notes to B2 from B3.

Moody's also affirmed the SGL-3 speculative grade liquidity rating, and rated the company's proposed $100 million add-on notes offering B2.

The outlook is stable.

"GEL's upgrade reflects its stronger business risk profile from the expansion of its fee based pipeline asset base and reduced leverage," Moody's analyst Jonathan Kalmanoff said in a news release.

"GEL has a longer demonstrated record of profitable operations within the refinery services segment and a more established track record since the acquisition of the GP by private owners in February 2010," Kalmanoff added in the release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.