This just in:
S&PGRBulletin: Alon USA Partners Rtgs Unffctd By Merger Plan
4:59 pm ET November 13, 2017 (Dow Jones) Print
(MORE TO FOLLOW) Dow Jones Newswires
November 13, 2017 16:59 ET (21:59 GMT)
Press Release: S&PGRBulletin: Alon USA Partners Rtgs Unffctd By Merger Plan
The following is a press release from Standard & Poor's:
NEW YORK (S&P Global Ratings) Nov. 13, 2017--S&P Global Ratings said today its
ratings on Alon USA Partners L.P. (B+/Stable/--) are unaffected by Delek US
Holdings Inc.'s announced merger agreement, under which Delek US will acquire
all of the outstanding common units in Alon that Delek US or its affiliates do
not already own. Delek currently owns approximately 81.6% of Alon's
outstanding units and controls Alon's general partnership. The transaction is
expected to close in the first quarter of 2018 and will be an all-stock
transaction.
This announcement is in line with our expectations because we believe Delek's
management team has been very transparent in its desire to simplify the
structure and reduce the number of public entities. Alon's 'BB-' corporate
credit rating currently benefits from one-notch of uplift from its 'b+'
stand-alone-credit profile due to its level of strategic importance to Delek.
Only a rating committee may determine a rating action and this report does not
constitute a rating action.
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This may help our price revive somewhat tomorrow as it accentuates the positive in a couple of ways and makes completely clear that ALDW continues to be a free wheeling stock/company until such time as it no longer retains its own identity as a stand-alone entity.
