Houston-based TPC Group Inc. has experienced an explosion and subsequent fires at its Port Neches operations site. We are placing all of our ratings on TPC, including our 'B' issuer credit rating and our 'B' issue-level rating on its senior secured debt, on CreditWatch with negative implications. We plan to resolve the CreditWatch placement after we receive further information regarding the cause of the explosion, the amount and timing of any insurance proceeds, and the company's next steps regarding potentially rebuilding the facility. The CreditWatch placement follows the explosion at TPC Group's Port Neches operations facility that occurred on Nov. 27, 2019. The Port Neches facility processes Crude C4 into Butadiene, B1, and Raffinate and the plant accounts for 50%
