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Article: DCR INITIATES RATING OF CITGO PETROLEUM CORPORATION
- Article from:
- PR Newswire
- Article date:
- May 20, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO, May 20 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has initiated rating coverage of CITGO Petroleum Corporation with a rating of 'BBB-' (Triple-B-Minus) for the company's senior debt obligations. The rating applies to $200 million of senior unsecured notes currently being offered by CITGO. Proceeds from the sale of the notes will be used to repay existing indebtedness of the company. The corporation's strong market position, consistent operating results and solid asset base support the investment grade rating. Offsetting factors include the company's vulnerability to volatile refining margins, changing environmental regulations resulting in increased ...
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