CVR Partners, LP -- Moody's assigns first-time B1 CFR to CVR Partners, LP

New York, May 31, 2016 -- Moody's Investors Service initiated first-time ratings on CVR Partners, LP assigning a B1 corporate family rating and B1-PD probability of default rating. Ratings were also assigned to its proposed $625 million senior secured notes due 2023 at B1, in line with the CFR since it is substantively the only debt in the capital structure. The company is also proposing a $50 million ABL revolving credit facility that will be unrated. Proceeds from the notes will be used to repay the intercompany borrowings, that funded the April 1, 2016East Dubuque acquisition, and to retire the outstanding tendered East Dubuque notes, as well as cover the tender premium and other transaction fees. Moody's also assigned an SGL-3 speculative grade liquidity rating to CVR. The rating outlook is stable.

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