TPC Group Inc. 'CCC' Rating Affirmed On Operational Challenges; Outlook Negative - S&P Global Ratings’ Credit Research

TPC Group Inc. 'CCC' Rating Affirmed On Operational Challenges; Outlook Negative

TPC Group Inc. 'CCC' Rating Affirmed On Operational Challenges; Outlook Negative - S&P Global Ratings’ Credit Research
TPC Group Inc. 'CCC' Rating Affirmed On Operational Challenges; Outlook Negative
Published Jan 07, 2022
4 pages (2146 words) — Published Jan 07, 2022
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

TPC Group Inc. still faces challenges related to its Port Neches, Texas, (PNO) facility and operational issues following 2021 storms and boiler issues, leading to reduced profitability and unsustainable credit metrics. S&P Global Ratings affirmed its 'CCC' issuer credit rating on TPC Group Inc. The outlook is negative. The 'B-' issue-level and '1' recovery ratings on the company's $153 million 10.875% senior secured notes due 2024 are unchanged. The '5' recovery rating on the 10.50% senior notes due 2024 remains unchanged. The issue-level rating is 'CCC-'. The negative outlook reflects operational issues, uncertainty around the timing and amount of potential insurance proceeds, and the company's weakened liquidity. TORONTO (S&P Global Ratings) Jan. 7, 2022—S&P Global Ratings today took the rating

  
Brief Excerpt:

...January 7, 2022 - TPC Group Inc. still faces challenges related to its Port Neches, Texas, (PNO) facility and operational issues following 2021 storms and boiler issues, leading to reduced profitability and unsustainable credit metrics. - S&P Global Ratings affirmed its '###' issuer credit rating on TPC Group Inc. The outlook is negative. - The 'B-' issue-level and '1' recovery ratings on the company's $153 million 10.875% senior secured notes due 2024 are unchanged. - The '5' recovery rating on the 10.50% senior notes due 2024 remains unchanged. The issue-level rating is '###-'. - The negative outlook reflects operational issues, uncertainty around the timing and amount of potential insurance proceeds, and the company's weakened liquidity. TORONTO (S&P Global Ratings) Jan. 7, 2022--S&P Global Ratings today took the rating actions listed above. TPC's credit measures will continue to be unsustainable as a result of operational issues leading to weakened earnings. Although the COVID-19 effects...

  
Report Type:

Ratings Action

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. "TPC Group Inc. 'CCC' Rating Affirmed On Operational Challenges; Outlook Negative" Jan 07, 2022. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/TPC-Group-Inc-CCC-Rating-Affirmed-On-Operational-Challenges-Outlook-Negative-2777609>
  
APA:
S&P Global Ratings’ Credit Research. (). TPC Group Inc. 'CCC' Rating Affirmed On Operational Challenges; Outlook Negative Jan 07, 2022. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/TPC-Group-Inc-CCC-Rating-Affirmed-On-Operational-Challenges-Outlook-Negative-2777609>
  
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