S&P lifts Genesis notes, rates new notes B+

Standard & Poor’s said it affirmed the BB- rating on Genesis Energy LP.

The agency also said it revised the recovery rating on its unsecured notes to 5 from 6 and raised the rating on the notes to B+ from B.

S&P also said it assigned a B+ rating and 5 recovery rating to the partnership’s proposed $750 million senior unsecured notes due 2022.

The stable outlook reflects a view that U.S. midstream energy partnership, Genesis Energy LP will maintain adequate liquidity and financial leverage, pro forma for completed growth projects, between 4.5x and 5.0x, the agency said.

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