We anticipate that for the next 12 months, TPC Group Inc.'s operating performance will be weaker than previously expected, even though we recognize that some new projects could result in an improvement to EBITDA. We do not believe the company will be able to meet our expected credit measures for the 'B' corporate credit rating. We are lowering our corporate credit rating on TPC to 'B-' from 'B'. We are also lowering the issue-level rating on the company's first-lien secured debt to 'B-' from 'B' and revising our recovery rating to '4' from '3' (higher half of the 30%-50% range). The stable outlook reflects our expectation that debt to EBITDA will remain at or above 7x and that liquidity will
