Research Update: TPC Group Inc. Upgraded To 'B' From 'B-' On Improved Operating Performance, Outlook Stable; Note Rating Raised To 'BB-' - S&P Global Ratings’ Credit Research

Research Update: TPC Group Inc. Upgraded To 'B' From 'B-' On Improved Operating Performance, Outlook Stable; Note Rating Raised To 'BB-'

Research Update: TPC Group Inc. Upgraded To 'B' From 'B-' On Improved Operating Performance, Outlook Stable; Note Rating Raised To 'BB-' - S&P Global Ratings’ Credit Research
Research Update: TPC Group Inc. Upgraded To 'B' From 'B-' On Improved Operating Performance, Outlook Stable; Note Rating Raised To 'BB-'
Published May 29, 2024
8 pages (3679 words) — Published May 29, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

TPC Group Inc.'s operating performance materially improved in 2023 on the back of its demonstrated reduction in commodity exposure via improved contract structures. Compared with historic levels, we expect better earnings stability going forward. As a result, we raised our issuer credit rating on TPC Group to 'B' from 'B-'. In addition, we raised our issue-level rating on the company's $300 million outstanding senior secured notes to 'BB-' from 'B+'. The '1' recovery rating is unchanged. The stable outlook reflects our view that the company will maintain its improved credit profile in the next 12 months with continued strength in earnings. The stable outlook reflects our view that the company will maintain weighted-average S&P Global Ratings-adjusted debt to EBITDA between

  
Brief Excerpt:

...- TPC Group Inc.'s operating performance materially improved in 2023 on the back of its demonstrated reduction in commodity exposure via improved contract structures. Compared with historic levels, we expect better earnings stability going forward. - As a result, we raised our issuer credit rating on TPC Group to 'B' from 'B-'. - In addition, we raised our issue-level rating on the company's $300 million outstanding senior secured notes to '##-' from 'B+'. The '1' recovery rating is unchanged. - The stable outlook reflects our view that the company will maintain its improved credit profile in the next 12 months with continued strength in earnings....

  
Report Type:

Research Update

Ticker
TPCG
Issuer
TPC Group Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: TPC Group Inc. Upgraded To 'B' From 'B-' On Improved Operating Performance, Outlook Stable; Note Rating Raised To 'BB-'" May 29, 2024. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-TPC-Group-Inc-Upgraded-To-B-From-B-On-Improved-Operating-Performance-Outlook-Stable-Note-Rating-Raised-To-BB-3187777>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: TPC Group Inc. Upgraded To 'B' From 'B-' On Improved Operating Performance, Outlook Stable; Note Rating Raised To 'BB-' May 29, 2024. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-TPC-Group-Inc-Upgraded-To-B-From-B-On-Improved-Operating-Performance-Outlook-Stable-Note-Rating-Raised-To-BB-3187777>
  
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