TPC Group Inc. (TPC) delivered operating results and credit measures over the past few quarters that were stronger than our previous expectations, primarily reflecting a favorable pricing environment, with average butadiene prices of around $0.84cents/lb. in the first half of 2017, compared to$0.34 cents/lb. in the year-earlier period coupled with increased volumes. Additionally, the company has structurally changed its Crude C4 supply contracts, which now include a margin share component. Although TPC's leverage has improved slightly, we still believe leverage is unsustainable over the long term, and that the chemical company will remain reliant on favorable business conditions to meet its financial obligations. TPC refinanced its asset-based-loan (ABL) earlier this year, and therefore we no longer believe the company faces
