S&P downgrades Mapco Express

Standard & Poor's said it lowered its corporate credit rating on Mapco Express Inc. to B- from B and its bank loan rating to B from B+.

The outlook is negative.

The downgrade and outlook revision reflect the agency's concern about the company's ability to meet tightened financial covenants under its secured credit facilities given weakening operating performance. S&P said it expects financial covenants cushion to remain very tight for the remainder of this year as Mapco faces operating challenges due to the volatility of oil prices as well as difficult economic conditions.

© 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.