Research Update: Neovia Logistics L.P. Upgraded To 'CCC+' On Improved End-Market Demand And Spending; Outlook Negative

Dallas-based Neovia Logistics L.P.'s performance in the first half of 2020 was better than we previously expected. In addition, the easing of certain coronavirus-related restrictions has improved the prospects for some of the company's end markets. We no longer believe a distressed exchange or payment default is likely over the next 12 months. Therefore, we are raising our issuer credit and issue-level rating on the company's first-lien term loan to 'CCC+' from 'CCC' and removing all of our ratings from CreditWatch, where we placed them with negative implications on April 22, 2020. The negative outlook reflects the continued uncertainty around the COVID-19 pandemic and its potential impact on demand. S&P Global Ratings acknowledges a high degree of uncertainty about the

...- Dallas-based Neovia Logistics L.P.'s performance in the first half of 2020 was better than we previously expected. In addition, the easing of certain coronavirus-related restrictions has improved the prospects for some of the company's end markets. - We no longer believe a distressed exchange or payment default is likely over the next 12 months. - Therefore, we are raising our issuer credit and issue-level rating on the company's first-lien term loan to '###+' from '###' and removing all of our ratings from CreditWatch, where we placed them with negative implications on April 22, 2020. - The negative outlook reflects the continued uncertainty around the COVID-19 pandemic and its potential impact on demand....

Research Update