It has been brought to our attention by reader ‘D’ that S&P has downgraded virtually all equity and debt issues of NuStar Energy (NYSE:NS).
NS has 3 high yield preferreds outstanding as well as the baby bonds from NuStar Logistics.
The preferred issues which were rated B have been moved lower to B-. A B- is a really junky rating, but shares today did not seem to react (assuming they know of the downgrade).
The move to downgrade all the Nustar issues is based upon the amount of leverage the company is carrying (6.9x) for 2019. Fortunately S&P expects the leverage ratio to improve from this point forward.
If you have eTrade or Fido you can read the report on NuStar there–I can’t publish it here as they are vigilant on unauthorized reprinting.
We have updated our listings and individual security pages to reflect the most recent ratings changes.