S&P upgrades Calumet rating to B- on stronger earnings
S&P Global Ratings upgraded Calumet Inc. to 'B-' from 'CCC+' due to stronger earnings in H1 2026 and improved credit metrics. The company's earnings grew on high margins for specialty oils and renewable fuels. S&P expects adjusted debt to EBITDA of 6x-7x in the next 12 months. Calumet redeemed $100M in senior unsecured notes in July 2026 and plans to expand sustainable aviation fuel production.


