On Aug. 7, 2026, TPC Group announced that it has entered into a definitive agreement to be acquired by Japan-based ENEOS Holdings Inc. (not rated). As a result, on Aug. 10, 2026, S&P Global Ratings placed its ratings on TPC, including the ?B? issuer credit rating, on CreditWatch with developing implications. The CreditWatch placement reflects that we could raise, affirm, or lower our ratings on TPC when we resolve the CreditWatch, pending further clarity on the details of the transaction. Following the close of the transaction and the possible repayment of TPC?s existing debt, we may either resolve the CreditWatch placement or discontinue the ratings. The CreditWatch placement follows the announcement of TPC?s acquisition by ENEOS. The transaction will be
