Fitch Updates Ratings of Star Gas Debt.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 29, 2003 Star Gas Partners, L.P. (the "Partnership" or "Star") (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 home energy distributor and services provider specializing in heating oil, propane, natural gas and electricity, announced today that Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has placed the ratings of its Petro and Star Gas Propane subsidiaries on Ratings Watch Negative pending a review of the proposed $200 million of senior notes offering by the Partnership. Petro's senior secured notes and Star Gas Propane's first mortgage notes are rated 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. by Fitch Ratings. Fitch analysts expect to meet with the Partnership's senior management in coming weeks to assess the credit implications of the proposed offering and application of the proceeds. Star Gas Partners, L.P., is a leading distributor of home heating oil, propane and deregulated natural gas and electricity. The Partnership is the nation's largest retail distributor of home heating oil and the nation's seventh largest retail propane distributor. Star, through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Total Gas & Electric, also sells natural gas and electricity in the Northeast, Mid-Atlantic and Florida. 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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