S&P cuts Martin Midstream

S&P said it downgraded Martin Midstream Partners LP to SD from CC and the rating on the 2021 senior unsecured notes to D from CC.

On Monday, Martin reported the results of its exchange and cash tender for the $364.5 million of senior unsecured notes due February 2021.

“While the majority of the investors received par value for their securities, we consider this transaction to be distressed, given the securities offered were less than the original amount with maturity extension. We also take into account the rating on the company prior to the announcement and our view that the company would not have sufficient liquidity to retire the unsecured debt upon maturity in 2021,” S&P said in a press release.

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