Moody's lowers Martin Midstream

Moody's Investors Service said it downgraded Martin Midstream Partners LP's corporate family rating to Caa3 from B3, probability of default rating to Caa3-PD from B3-PD and senior unsecured notes rating to Ca from Caa2. Martin's speculative grade liquidity rating of SGL-4 remains unchanged. The outlook was changed to negative from stable.

"MMLP's rating downgrade reflect increased debt refinancing risks and elevated risk of default, including from a distressed exchange," said Jonathan Teitel, Moody's analyst, in a press release.

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