S&P ups, withdraws Southcross Holdings

S&P said it raised its issuer credit rating on Southcross Holdings Borrower LP to B- from CCC and removed the rating from CreditWatch, where it was placed with positive implications on Oct. 11.

The outlook is stable.

Subsequently, the agency withdrew the issuer credit rating on Southcross Holdings Borrower at the issuer's request.

Southcross Holdings completed the previously announced sale of its Robstown natural gas liquid fractionation facility and interconnected 57-mile NGL pipeline to affiliates of EPIC Y-Grade Holdings LP.

The company used the sale proceeds to fully repay all of its outstanding debt, totaling about $140 million, including the A and B tranches of its term loan and senior unsecured notes.

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