TPC Group Inc. emerged from bankruptcy with a revised capital structure on Dec. 16, 2022, after filing for Chapter 11 protection in June. We raised our issuer credit rating on TPC Group to 'B-' from 'D' on our assumption the company successfully executes its emergence plan. We also assigned a 'B+' issue-level rating with a '1' recovery rating to its proposed $350 million senior secured notes due in 2027. We withdrew all issue-level ratings on the prepetition debt on confirmation that it is no longer a part of the company's capital structure. The stable outlook reflects our expectation for significantly reduced balance sheet debt and interest costs, along with an improved liquidity position, following the company's bankruptcy restructuring and receipt
