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S&P lowers Houston Fuel view to negative
S&P said it revised its outlook on Hfotco LLC (Houston Fuel Oil Terminal Co.) to negative from stable and affirmed the company's BB- long-term issuer credit and senior secured debt ratings.
The negative outlook on the company reflects that on its ultimate parent, SemGroup Corp. because it views Hfotco as a core and insulated subsidiary of SemGroup, the agency said.
The negative outlook reflects elevated leverage over the 12-month outlook period with a forecast base-case scenario debt-to-EBITDA ratio of 6x to 6.5x, S&P said.
The 3 recovery rating on the secured term loan is unchanged.
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