Fitch ups Martin second-lien notes

Fitch Ratings said it raised its rating for the $400 million of 11½% senior secured second-lien notes due 2028 to B+/RR2 (71%) from B/RR3 of Martin Midstream Partners LP and Martin Midstream Finance Corp. The agency also affirmed B- issuer default rating.

“The upgrade of the second-lien notes rating reflects Fitch's expectation of an increase in recovery percentage in case of bankruptcy to 71%-90% from 51%-70% as a result of step downs in the first-lien secured revolving credit facility's commitment size from $200 million to $175 million in June 2023, and further step down to $150 million expected in June 2024,” the agency said in a press release.

The outlook is stable.

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