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S&P lifts Gibson Energy
Standard & Poor's said it raised the long-term corporate credit and senior secured debt ratings on Gibson Energy ULC to BB from BB-.
The outlook is stable.
The recovery rating on Gibson's revolving credit facility and term loan B is unchanged at 3. The 3 recovery rating indicates 50% to 70% expected default recovery.
The upgrade reflects an expectation of stable credit metrics over the next two years, an increasing proportion of lower risk cash flows associated with terminal and pipeline growth, S&P said, and increasing confidence of successful integration of OMNI Energy Services Corp.
The ratings reflect the company's fair business risk profile and significant financial risk profile, the agency said.
The ratings also reflect weaknesses, including the company's moderate exposure to commodity prices, high-fixed charges and remaining integration risk associated with the OMNI acquisition, S&P said.
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