S&P affirms Mapco Express

Standard & Poor's said it affirmed its B+ corporate credit rating on Mapco Express Inc.

At the same time, the agency said it affirmed the B+ senior secured rating on the company's bank loan facility and recovery rating of 2, noting that this action follows the company's $50 million increase in the size of its revolving credit facility to $120 million.

The outlook remains negative.

S&P said that the ratings reflect Mapco's participation as a relatively small regional player in the competitive and highly fragmented convenience store industry, significant exposure to the volatility of gasoline prices and concentration in a few key markets in the Southeastern United States, where economic slowdowns can affect operations.

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