S&P trims Zenith Energy U.S. Logistics

S&P said it lowered its issuer credit rating on Zenith Energy U.S. Logistics Holdings LLC to B from B+. The recovery rating on its debt remains 3, and the issue-level ratings are lowered to B from B+.

In recent months, Zenith was unsuccessful at renegotiating its contract with ExxonMobil for storage and logistics at its Joliet terminal at expected terms.

“The agreement with Exxon represented a material portion of EBITDA, and we view the elected terms as less credit-supportive,” S&P said in a news release.

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