The downturn in the petrochemical sector has negatively affected TPC Group Inc. ?s earnings, but we continue to expect the credit metrics will remain appropriate for the rating. We affirmed all our ratings on TPC Group Inc., including our 'B' issuer credit rating and 'BB-' issue-level rating on its senior secured debt. The '1' recovery rating on the senior secured debt is unchanged. The stable outlook reflects our view that TPC?s credit metrics will remain appropriate at the current rating, albeit with a lower cushion. The company?s earnings have deteriorated in the first nine months of 2025 due to an adverse operating environment. Lower operating rates at U.S. ethylene crackers due to persistent downcycle conditions that began in 2022 have
