Fitch Updates Rating of Star Gas Debt.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--June 6, 2002 Star Gas Partners, L.P. (the "Partnership") (NYSE NYSE See: New York Stock Exchange : SGU SGU Swiss German University (Jakarta, Indonesia) SGU South Gujarat University (Gujarat, India) SGU Symbol Generator Unit SGU Saint George's University (Island of Grenada) , SGH SGH Singapore General Hospital SGH Sunglass Hut SGH Simpson Gumpertz & Heger Inc SGH Szkola Glowna Handlowa (Warsaw School of Economics, Poland) SGH Seattle Grace Hospital (TV show Grey's Anatomy) ), a diversified energy distributor and services provider - specializing in heating oil, propane, natural gas and electricity, announced today that Fitch Rating Service has reaffirmed its (BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. ) rating on the First Mortgage Notes issued by Star's subsidiary Star Gas Propane. At the same time, Fitch has placed on rating watch negative its (BBB) rating of the Senior Secured Notes of Star's subsidiary, Petro. Star Gas Partners, L.P., is a leading distributor of home heating oil, propane and deregulated natural gas and electricity. Star is the nation's largest retail distributor of home heating oil and the nation's seventh largest retail propane distributor. Star owns an 80.0% controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Total Gas & Electric, which sells natural gas and electricity in the Northeast and Mid-Atlantic. This news announcement contains certain forward-looking information that is subject to certain risks and uncertainties as indicated from time to time in the Partnership's 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission. Included risks and uncertainties are the effects of the weather on the Partnership's financial results, competitive and propane and heating oil pricing pressures and other factors impacting the propane, home heating oil, natural gas and electricity distribution industries. |
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