Fitch trims Martin Midstream

Fitch Ratings said it downgraded Martin Midstream Partners LP’s long-term issuer default rating to B- from B, citing expectations of lower EBITDA in 2019, which is forecasted to lead to leverage above previous estimates.

Last month, the company revised its 2019 EBITDA forecast to $128.8 million compared with the estimate in February of $159.5 million, Moody’s said.

Fitch now forecasts the company’s end of year leverage to be between 4.9x to 5.4x. The previous forecast was for leverage to be at 4.8x.

Fitch affirmed the company and co-issuer Martin Midstream Finance Corp.’s senior unsecured debt rating at B-. The agency also revised the recovery rating to RR4 from RR5, citing a reduction of secured debt.

The outlook is stable.

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