S&P assigns B+ to Global Partners notes

Standard & Poor’s said it assigned its B+ long-term corporate credit rating to Global Partners LP. The outlook is stable.

At the same time, S&P assigned a B+ issue-level rating and 4 recovery rating to Global’s proposed $375 million senior unsecured notes due 2022, indicating that unsecured creditors can expect average (30%-50%) recovery in the event of a default.

S&P also assigned a BB issue-level rating and a 1 recovery rating to the partnership’s existing $1.6 billion revolving credit facility, indicating that creditors can expect very high (90%-100%) recovery.

The ratings on Global reflect S&P’s view of a “weak” business risk and “aggressive” financial risk profile.

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