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S&P drops Maxum Petroleum to CCC+
Standard & Poor's said it lowered the bank loan rating on the $155 million term loan B of Maxum Petroleum Inc. to CCC+ from B-.
The rating is two notches below the corporate credit rating on parent and guarantor SPI Petroleum LLC (B/stable). It was removed from CreditWatch, where it was placed with negative implications on Dec. 20.
"The changes are in response to Maxum not having completed its [initial public offering] in January as we expected, market conditions remaining volatile and Maxum increasing its unrated asset-based revolving credit facility to $335 million from $285 million in December 2007," S&P credit analyst Amy Eddy said in a written statement.
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