S&P: Hi-Crush Partners loan B

Standard & Poor's said it assigned a B+ corporate credit rating on Hi-Crush Partners LP.

The agency also said it assigned a B rating to the company's proposed $200 million term loan B due 2021. The recovery rating is 3, indicating 50% to 70% expected default recovery.

The outlook is stable.

Despite the company's small size, Hi-Crush has maintained strong EBITDA margins above 40% in its brief history, S&P said.

While this reflects the quality of its current assets, the agency said it believes the master limited partnership will pursue a level of acquisition-based growth that introduces additional integration risk and could lead to higher debt levels.

© 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.