S&P puts Lucid Energy on positive watch

S&P said it placed all its ratings for Lucid Energy Group II Borrower LLC, increasing B issuer and issue ratings, on CreditWatch with positive implications.

The placement follows Targa Resources Corp.’s announcement on Thursday that it agreed to acquire Lucid Energy Delaware, LLC which is a subsidiary of Lucid Energy Group II Borrower LLC, the agency said.

“The positive CreditWatch placement reflects the likelihood that we could raise our ratings on Lucid and its debt to the level of Targa upon the close of the acquisition. We expect to resolve the CreditWatch listing at or near the close of the transaction, which we anticipate will occur in the third quarter of 2022. We expect Targa will fully integrate Lucid into its business following the acquisition,” S&P said in a press release.

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