S&P lowers Suburban Propane view to negative

S&P said it revised the outlook on Suburban Propane Partners LP to negative from stable.

The agency also said it affirmed the company's BB- corporate credit rating.

S&P also said it affirmed the BB- rating on Suburban's senior unsecured notes. The recovery rating on the senior unsecured notes remains at 4, indicating 30% to 50% expected default recovery.

The negative outlook reflects an expectation that adjusted debt-to-EBITDA ratio will exceed 5x over the next 12 months, the agency said.

S&P also said it expects the partnership to have constrained liquidity given that it will have little cushion on its credit facility covenants.

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