Fitch downgrades AmeriGas Partners

Fitch Ratings said it downgraded AmeriGas Partners, LP and its fully guaranteed financing co-borrower AmeriGas Finance Corp.'s long-term issuer default ratings to BB- from BB. The agency also trimmed the co-issued senior unsecured notes to BB-/RR4 from BB/RR4.

“The downgrade reflects a high debt balance, FYE 2022 EBITDA lower than Fitch's prior forecast, and Fitch's projected FYE 2023 of retail gross profit lower than our previous expectations. Under our forecast, AmeriGas' retail propane volumes will continue to decline in FYE 2023, and average retail unit margins are expected to remain stagnant over the near-term forecast,” the agency said in a press release.

The outlook is stable.

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