Calumet Inc.?s operating performance in 2024 was weaker than our initial expectations and it still faces refinancing risks with its outstanding April 2026 notes. There is also additional debt that becomes current in January 2026 and may require refinancing. Despite our overall lower free operating cash flow (FOCF) expectations for Calumet in 2025 stemming from a weaker earnings outlook relative to our prior forecasts, we note positive impacts on free cash flows from a new external loan supporting a growth project in the Montana Renewables (MRL) business as well as lower than initially expected capital spending associated with this expansion. We affirmed all our ratings on Calumet including our ?CCC+? issuer credit rating (ICR), ?B? issue-level rating on its senior
