S&P lowers StoneMor, but lifts debt to B-

Standard & Poor's said it lowered the corporate credit rating on StoneMor Partners LP to B- from B.

The rating was removed from CreditWatch, where it was initially placed with negative implications in November.

The outlook is stable.

The agency also said it raised the senior unsecured rating to B- from CCC+ and revised the recovery rating on the debt to 4 from 6.

The 4 recovery rating indicates 30% to 50% expected recovery in a default.

The ratings reflect StoneMor's business model, growth strategies and ownership structure, which will result in negative discretionary cash flow that will require ongoing external funding, S&P said.

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