Martin Midstream Partners L.P.: Diversified midstream operations and improving credit profile, with small relative scale
Our credit view of this issuer reflects its diversified midstream operations and long-standing customer relationships, offset by its small size and limited geographic diversity.Martin Midstream Partners has a set of operations focused primarily in the United States Gulf Coast region. The company's primary business segments are: Terminalling and Storage, which provides storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products; Transportation, which operates a fleet of both land transportation and marine transportation assets that transport petroleum products and by-products, petrochemicals, and chemicals; Sulfur Services, which transports molten sulfur and fertilizer products; and natural gas liquids (NGL), which distributes NGLs that it primarily purchases from refineries and natural gas processors.
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