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Moody’s changes Hi-Crush view to positive
Moody's Investors Service said it revised Hi-Crush Partners LP’s outlook to positive from negative and affirmed its corporate family rating at Caa1, probability of default rating at Caa1-PD and senior secured term loan B due 2021 at Caa1.
The speculative grade liquidity rating was revised to SGL-3.
Moody’s said the Caa1 corporate family rating and positive outlook reflect rapidly improving credit metrics following a prolonged period of weakness in the oil and natural gas end markets. The positive outlook assumes that the frac-sand market fundamentals, including volume and prices, will continue to recover in 2017.
If the recovery accelerates faster than the agency anticipates, leading to considerable improvement in key credit metrics, the ratings could be upgraded.
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