TPC Group Inc. Downgraded To 'D' From 'CCC' On Expected Default - S&P Global Ratings’ Credit Research

TPC Group Inc. Downgraded To 'D' From 'CCC' On Expected Default

TPC Group Inc. Downgraded To 'D' From 'CCC' On Expected Default - S&P Global Ratings’ Credit Research
TPC Group Inc. Downgraded To 'D' From 'CCC' On Expected Default
Published Feb 01, 2022
3 pages (1260 words) — Published Feb 01, 2022
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About This Report

  
Abstract:

U.S.-based specialty chemicals company TPC Group Inc. must make scheduled quarterly interest payments due on its $153 million first-priority 10.875% senior notes and semi-annual interest payments due on its $930 million 10.5% senior notes. In our view, the company will not make the interest payments when they come due on Feb. 1, 2022, or during the 30-day grace period. We view this as tantamount to a default. Therefore, we lowered our issuer credit rating on TPC Group to 'D' from 'CCC' and our issue-level ratings on its senior notes to 'D'. TORONTO (S&P Global Ratings) Feb. 1, 2022—S&P Global Ratings today took the rating actions listed above. The downgrade reflects our expectation that TPC Group Inc. will not make the

  
Brief Excerpt:

...February 1, 2022 - U.S.-based specialty chemicals company TPC Group Inc. must make scheduled quarterly interest payments due on its $153 million first-priority 10.875% senior notes and semi-annual interest payments due on its $930 million 10.5% senior notes. - In our view, the company will not make the interest payments when they come due on Feb. 1, 2022, or during the 30-day grace period. We view this as tantamount to a default. - Therefore, we lowered our issuer credit rating on TPC Group to 'D' from '###' and our issue-level ratings on its senior notes to 'D'. TORONTO (S&P Global Ratings) Feb. 1, 2022--S&P Global Ratings today took the rating actions listed above. The downgrade reflects our expectation that TPC Group Inc. will not make the upcoming interest payments due on both issues of its senior notes due 2024 before the end of the 30-day grace period. Therefore, we believe the company will either undertake a debt restructuring or file for bankruptcy....

  
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. Downgraded To 'D' From 'CCC' On Expected Default" Feb 01, 2022. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/TPC-Group-Inc-Downgraded-To-D-From-CCC-On-Expected-Default-2789261>
  
APA:
S&P Global Ratings’ Credit Research. (). TPC Group Inc. Downgraded To 'D' From 'CCC' On Expected Default Feb 01, 2022. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/TPC-Group-Inc-Downgraded-To-D-From-CCC-On-Expected-Default-2789261>
  
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