Neovia Logistics LP Ratings Lowered To 'SD' From 'CC' On PIK Exchange Offer; Ratings Removed From CreditWatch Negative

Neovia Logistics LP has completed an exchange offer for its 10%/10.75% senior unsecured payment-in-kind (PIK) toggle notes due in 2018. We consider this to be a distressed exchange (and thus the equivalent of a default) based on our criteria and the final transaction terms. Therefore, we are lowering our corporate credit rating on Neovia Logistics LP and Neovia Logistics Intermediate Holdings LP to 'SD' (selective default) from 'CC'. At the same time, we are lowering our issue-level ratings on the company's PIK notes due in 2018 to 'D' from 'C'. All ratings are removed from CreditWatch. NEW YORK (S&P Global Ratings) March 20, 2017--S&P Global Ratings said today that it lowered its corporate credit rating on U.S.-based logistics provider Neovia

...+ Neovia Logistics LP has completed an exchange offer for its 10%/10.75% senior unsecured payment-in-kind (PIK) toggle notes due in 2018. + We consider this to be a distressed exchange (and thus the equivalent of a default) based on our criteria and the final transaction terms. + Therefore, we are lowering our corporate credit rating on Neovia Logistics LP and Neovia Logistics Intermediate Holdings LP to '##' (selective default) from '##'. + At the same time, we are lowering our issue-level ratings on the company's PIK notes due in 2018 to 'D' from 'C'. + All ratings are removed from CreditWatch. NEW YORK (S&P Global Ratings) March 20, 2017--S&P Global Ratings said today that it lowered its corporate credit rating on U.S.-based logistics provider Neovia Logistics LP and Neovia Logistics Intermediate Holdings LP to '##' from '##' and removed all ratings from CreditWatch, where they were placed with negative implications on Jan. 11, 2017. At the same time, we lowered our issue-level rating...

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