Yellowstone Energy LP Senior Secured Notes 'BBB-' Rating Affirmed; Outlook Revised To Positive From Stable

Minimum debt service coverage at Yellowstone Energy LP has risen, supported by an improvement in ancillary revenues from higher ash sales, a decrease in raw material costs due to negative coke prices, and lower operating expenses. The increase in minimum coverage, however, is not high enough to justify an upgrade until there is a stable trend at this higher level. We are thus affirming the 'BBB-' rating on Yellowstone's senior secured debt. The positive outlook reflects our view that if ash sales increase and coke prices remain negative, minimum debt service coverage under our base case forecast is likely to improve further, likely triggering an upgrade by one notch within the next two years. SAN FRANCISCO (S&P Global Ratings) Feb.

...+ Minimum debt service coverage at Yellowstone Energy LP has risen, supported by an improvement in ancillary revenues from higher ash sales, a decrease in raw material costs due to negative coke prices, and lower operating expenses. The increase in minimum coverage, however, is not high enough to justify an upgrade until there is a stable trend at this higher level. + We are thus affirming the '###-' rating on Yellowstone's senior secured debt. + The positive outlook reflects our view that if ash sales increase and coke prices remain negative, minimum debt service coverage under our base case forecast is likely to improve further, likely triggering an upgrade by one notch within the next two years. SAN FRANCISCO (S&P Global Ratings) Feb. 8, 2018-- S&P Global Ratings today revised the outlook on Yellowstone Energy LP's (YELP) senior debt to positive from stable, and affirmed the '###-' rating on YELP's $131.5 million senior secured notes due 2026. The YELP project is a pet-coke-fueled, circulating¡fluidized-bed...

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