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S&P ups Hi-Crush loan, changes view
S&P said it affirmed its B- corporate credit rating on Hi-Crush Partners LP.
The outlook was revised to positive from stable.
At the same time, the agency raised the issue-level rating on the company's $200 million senior secured term loan to B from B- and raised the recovery rating to 2 from 3, indicating an expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default.
Hi-Crush’s credit measures have strengthened due to rising demand on the back of improving oil and gas end markets, S&P explained.
The agency said the positive outlook reflects a view that Hi-Crush will continue to benefit from the recovery in frac sand demand spurred by strong oil and gas markets, the increasing number of wells and rising proppant intensity per well.
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