Superior Plus Corp.

Superior Plus Corp.

March 08, 2011 14:40 ET

Superior Plus Announces Changes to its Standard & Poor's Credit Ratings

CALGARY, ALBERTA--(Marketwire - March 8, 2011) - Superior Plus Corp. ("Superior") (TSX:SPB) today announces that Standard & Poor's (S&P) has lowered both Superior's and Superior's wholly-owned subsidiary, Superior Plus LP's, long-term corporate credit rating to BB- from BB and reduced the secured debt rating to BB+ from BBB-. The outlook rating for both Superior and Superior Plus LP remains stable and the credit rating on Superior's unsecured debt is unchanged at BB-.

Wayne Bingham, Executive Vice-President and Chief Financial Officer stated "Superior recognized the weakness in 2010 results primarily due to warm weather and the recession and undertook a number of activities to enhance Superior's operations and strengthen the balance sheet. The reduction in Superior's dividend effective with the March 2011 dividend, the continuation of Superior's dividend reinvestment program, restructuring activities completed throughout 2010 and ongoing improvements in the North American economy are expected to provide Superior with enhanced cash flow in 2011. Superior continues to maintain excellent access to capital markets."

About the Corporation

Superior consists of three primary operating businesses: Energy Services includes the distribution of propane and distillates and related fixed-price energy services; 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. 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 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)