Moody's affirms Mapco, gives revolver B3

Moody's Investors Service said it affirmed the B3 corporate family rating and probability of default rating of Mapco Express, Inc.

Moody's said it also assigned a new rating to the extended portion of the company's revolving credit facility, involving the $99.05 million secured revolving credit facility due April 28, 2011 at B3 (LGD3, 48%).

The outlook remains negative.

"The affirmation of the B3 corporate family rating reflects the company's high leverage and weak coverage and our expectation that credit metrics and liquidity will continue to be pressured by weak economic conditions," stated Bill Fahy, senior analyst.

"The negative outlook reflects the relatively near term expiration and maturity of the company's bank credit facilities in April 2011. Failure to extend these facilities well in advance of their expiration could lead to a downgrade."

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