TPC Group Announces Ratings Agency Upgrade
HOUSTON (May 30, 2019) – TPC Group today announced that Moody’s Investor Service has upgraded the Company’s Corporate Family Rating (CFR) and the rating on its $805 million senior secured notes due 2020 from B3 to B2, while issuing a stable outlook that reflects the Company’s strong financial performance in 2018 and improved first quarter 2019 results.
“We are pleased with the outstanding performance achieved by our operating facilities and the disciplined cost management that contributed significantly to our first quarter financial results,” said Ed Dineen, TPC Group Chairman, President and CEO. “These improved credit ratings are positive news and are in large part a reflection of the results we have achieved by focusing on prudent capital management, comprehensive cost reductions, structural revenue enhancements and reliability Improvements.”
Another contributing factor to TPC Group’s ratings upgrade is the Company’s position as the major independent C4 processing company in North America. With the Company’s recent completion of the initial phase of its Crude C4 (CC4) processing system upgrade to further enhance its capabilities, TPC Group is positioned to reliably and efficiently handle the supply growth of CC4 volumes from new world scale ethylene crackers coming online in 2019 and beyond.
About TPC Group
TPC Group, headquartered in Houston, is a leading producer of value-added products derived from petrochemical raw materials such as C4 hydrocarbons, and provider of critical infrastructure and logistics services along the Gulf Coast. The Company sells its products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuels, lubricant additives, plastics and surfactants. With an operating history of 75 years, TPC Group has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel and Port Neches, Texas, and operates a product terminal in Lake Charles, Louisiana.
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