CES Energy Solutions Corp.: Rating Report

On December 5, 2017, DBRS Limited (DBRS) confirmed the Issuer
Rating and the Senior Unsecured Notes (the Notes) rating of CES
Energy Solutions Corp. (CES or the Company) at B and changed
the trends to Positive from Stable. The recovery rating for the
Notes remains unchanged at RR4. The rating confirmation is underpinned
by the Company’s strong market position in Canada
and its growing market position in the United States, especially
in the Permian Basin; growth of the Company’s production and
specialty chemical (PSC) segment in both the United States and
Canada; and a rebound in industry activity levels. The positive
outlook acknowledges the improvement in the Company’s key
credit metrics and reflects DBRS’s view that, based on the assumption
of a modest increase in oil prices, the Company’s key
credit metrics should continue to improve in 2018.