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Ferrellgas Partners L.P.: Update to credit analysis as high, but improving, leverage continues to offset company's size considerations

Ferellgas continues to contend with high leverage but remains a very large player in the fragmented propane distribution industry.
Ferrellgas Partners L.P.

Ferrellgas Partners is a holding company. Through its subsidiaries, the company is a distributor of propane and related equipment and supplies to customers. The company has two reportable operating segments: propane operations and related equipment sales, and midstream operations. The first segment consists primarily of the distribution of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the U.S. As of July 31 2017, this segment served customers in all 50 states, the District of Columbia and Puerto Rico. The second segment consists of the company's crude oil logistics operations and related activity and its water solutions operations.

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