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S&P affirms Gibson Energy, notes
S&P said it affirmed the BB long-term corporate credit rating on Gibson Energy ULC.
The outlook is stable.
At the same time, the agency affirmed the BB issue-level rating on the company's senior unsecured notes. The 3 recovery rating is unchanged and indicates that lenders can expect meaningful (50% to 70%; rounded estimate 65%) recovery if a default occurs.
S&P said the affirmation follows Gibson's recent announcement to increase its existing 5 ½% senior unsecured notes maturing in 2024 by C$250 million.
The proceeds will fully repay the 6 ¾% $211 million senior unsecured notes maturing in 2021.
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