Superior Plus Corp.

Superior Plus Corp.

September 12, 2011 17:22 ET

Superior Plus Announces Changes to its DBRS Credit Ratings

CALGARY, ALBERTA--(Marketwire - Sept. 12, 2011) - Superior Plus Corp. (TSX:SPB) ("Superior") today announces that DBRS has lowered Superior's wholly-owned subsidiary, Superior Plus LP's, senior secured rating to BB(high) from BBB(low) and reduced the senior unsecured rating to BB (low) from BB(high). The trend for both ratings has been adjusted to stable from negative.

Wayne Bingham, Executive Vice-President and Chief Financial Officer stated "Superior continues to focus on reducing its total debt and leverage ratios. The reduction in Superior's dividend effective with the March 2011 dividend, the continuation of Superior's dividend reinvestment program and enhanced cash flows in 2011 compared to 2010 will allow for continued progress on reducing Superior's total debt. As a result of the revision by DBRS, Superior's credit ratings by DBRS and Standard and Poor's are now consistent, with a stable outlook or trend for all ratings. Superior continues to maintain excellent access to capital markets and sufficient liquidity with approximately $285 million of undrawn capacity on its $615 million syndicated bank facility."

About the Corporation

Superior consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates, providing fixed-price energy services, and supply portfolio management; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.

Forward Looking Information

Certain information included in this Press Release is forward-looking, within the meaning of applicable Canadian securities laws. Much of this information can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words. Forward-looking information in this Press Release includes but is not limited to, statements concerning future levels of cash flow, dividend strategy, our ability to access external sources of debt and equity capital, and increases in debt service charges. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance and involves a number of assumptions, risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These assumptions, risks and uncertainties include but are not limited to future total debt levels, future leverage ratios and the risks identified in the Corporation's 2010 Annual Information Form under the heading "Forward Looking Information" and "Risk Factors", which is available on the SEDAR website ( Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

Contact Information

  • Superior Plus Corp.
    Wayne Bingham
    Executive Vice-President and Chief Financial Officer
    (403) 218-2951 or toll free: 1-866-490-PLUS (7587)
    (403) 218-2973 (FAX)

    Superior Plus Corp.
    Jay Bachman
    Vice-President, Investor Relations and Treasurer
    (403) 218-2957 or toll free: 1-866-490-PLUS (7587)
    (403) 218-2973 (FAX)