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S&P lowers Hi-Crush
S&P said it lowered the corporate credit rating on Hi-Crush Partners LP to B- from B+.
The agency also said it lowered the rating on the company's senior secured debt to B+ from BB- and raised the recovery rating to 1 from 2, indicating 90% to 100% expected default recovery.
The outlook is negative.
The negative outlook reflects an expectation for continued pressure on Hi-Crush's liquidity position over at least the next 12 months as cash flows remain weak due to reduced drilling, S&P said.
The negative outlook also considers the weak demand and pricing for frac sand, the agency said.
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