S&P affirms SG Resources loans

Standard & Poor's said it affirmed its BB issue rating and 2 recovery rating on SG Resources Mississippi's $100 million senior secured revolving credit facility due 2013, its $101.5 million revolving credit facility due 2012, and its $135 million senior secured term loan B due 2014.

The 2 recovery rating indicates that lenders can expect substantial recovery in the event of a payment default, the agency noted.

The outlook is stable.

The affirmation follows its annual review of SG's gas storage project, which has completed the first two phases of construction with minor schedule and budget slippage, the agency added.

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