...May 29, 2024 - 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. TORONTO (S&P Global Ratings) May 29, 2024--S&P Global Ratings today took the rating actions listed above. TPC Group Inc.'s operating results have shown resilience in 2023 and early 2024 amid generally adverse operating conditions. The company has high exposure to the cyclical automotive, oil refineries, and plastics end markets. While...
