S&P puts CSI on positive watch

S&P said it placed its CSI Compressco LP ratings, including the B- issuer rating and CCC+ second-lien note ratings, on CreditWatch with positive implications.

On Dec. 19, Kodiak Gas Services LLC announced it would acquire CSI Compressco in an all-equity deal valued at $854 million, which includes assuming CSI's debt.

“The CreditWatch placement reflects our expectation that we could raise our issuer credit rating on CSI by two notches to align them with our ratings on Kodiak. We anticipate resolving the CreditWatch around the close of the proposed acquisition, which could occur in the second quarter of 2024,” S&P said in a statement.

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