Aug. 28 at 2:14 AM
S&P Global Ratings upgraded Calumet’s issuer credit rating to B- from CCC+, citing stronger-than-expected first-half 2026 earnings and improved credit metrics. The agency also raised its issue ratings to B+ for senior secured debt and B- for unsecured debt, with a Stable outlook.
Calumet’s earnings and cash flow benefited from strong specialty-oil margins, wider fuel crack spreads and high renewable-fuel margins. S&P expects adjusted debt/EBITDA to remain around 6x-7x, with further improvement possible over the next 12 months. In July, Calumet repaid
$100 million of 9.75% unsecured notes due 2028 using liquidity from an additional 2031 bond issuance.
The company is also expanding sustainable aviation fuel production through its MaxSAF project at Montana Renewables. SAF capacity reached about 60 million gallons annually in Q2, with plans to increase it to 120-150 million gallons by spring 2027 and roughly 200 million by year-end 2028.
$CLMT