S&P CUTS OPINION ON UNITS OF CALUMET SPECIALTY PARTNERS TO HOLD FROM STRONG BUY (Standard & Poor's) CLMT posts Q1 operating loss per unit of $0.13 vs. earnings of $1.35 on higher crude costs. Results excluded $0.23 of derivative related losses, below our $0.32 estimate on lower sales volumes. We look for higher volumes in Q2. We cut our '10 operating estimate by $0.84 to $0.77 per unit, '11's by $0.55 to $1.53, and see '12 at $1.93. Blending our relative market valuations, we cut our 12-month target price by $4 to $21. On 4/12 CLMT kept its quarterly distribution of $0.455, but we think coverage will drop below 1.0X over the next 12-months, and would not purchase the units.