Moodys Investors Service - Calumet Specialty Products Partners L.P. (CLMT) Calumet Specialty Products Partners, L.P.: Elevated leverage expected to improve with stronger earnings

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Moody's Investors Service

EUR 238.58 For Business Accounts Only

Calumet Specialty Products Partners, L.P.: Elevated leverage expected to improve with stronger earnings

Our credit view of this issuer reflects its geographic diversity and operational flexibility, offset by its inconsistent free cash flow generation and high leverage.

30/08/2023 1 EN

Underlying

Calumet Specialty Products Partners L.P.

Calumet Specialty Product Partners is a holding company. Through its subsidiaries, the company is an independent producer of hydrocarbon products in North America. In its specialty products segment, the company processes crude oil and other feedstocks into a variety of customized lubricating oils, white mineral oils, solvents, petrolatums and waxes. The company's specialty products are sold to customers who purchase them as raw material components for basic industrial, consumer and automotive goods. In its fuel products segment, the company processes crude oil into fuel and fuel-related products, including gasoline, diesel, jet fuel, asphalt and heavy fuel oils, and resells purchased crude oil to third party customers.

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US1314761032 NASDAQ Stock Market United States

Provider

Moody's Investors Service

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:

130 countries
11,000 corporate issuers
21,000 public finance issuers
76,000 structured finance obligations

Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such independent credit ratings and research also contribute to efficiencies in fixed-income markets and other obligations, such as insurance policies and derivative transactions, by providing credible and independent assessments of credit risk.

Moody’s default studies validate our predictive ratings. Our published research and investor briefings draw thousands of attendees each year and keep investors current with the rationale underlying our credit opinions.

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Our credit view of this issuer reflects its geographic diversity and operational flexibility, offset by its inconsistent free cash flow generation.

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Moody's downgrades Calumet Specialty Products' CFR to Caa1; negative outlook

Moody's Ratings ("Moody's") downgraded the ratings of Calumet Specialty Products Partners, L.P.'s (Calumet), including the Corporate Family Rating (CFR) to Caa1 from B3, Probability of Default Rating (PDR) to Caa1-PD from B3-PD and ratings on the senior unsecured notes to Caa2 from Caa1 and changed ...

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Calumet Specialty Products Partners, L.P.: Elevated leverage expected to improve with stronger earnings

Vermilion Short Shots: Technically Vulnerable Stocks

Calumet Specialty Products Partners, L.P.: Near-term debt refinancing requirement is driving weak liquidity

Moody's downgrades Calumet Specialty Products' CFR to Caa1; negative outlook

Government of Australia – Aaa stable: Update following rating affirmation, outlook unchanged

Hastoe Housing Association (UK): Update to credit analysis

Moody's Ratings upgrades Vedanta Resources' CFR to B2 and bonds to B3; outlook stable

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