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S&P gives SemGroup notes B+
S&P said it assigned a B+ issue-level rating to SemGroup Corp.'s $300 million senior unsecured notes due 2026. The 4 recovery rating indicates an expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default.
The company intends to use net proceeds to repay outstanding borrowings under its revolving credit facility.
The agency’s corporate credit rating on SemGroup is B+.
The outlook is stable.
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