TEXT-S&P: TPC Group ratings remain on watch negative

Overview -- Houston-based chemical company TPC Group LLC has agreed to be acquired by private equity firms First Reserve Corp. and SK Capital Partners in a leveraged buyout (LBO) valued over $900 million, including assumed debt. -- The ratings on TPC, including the 'B+' corporate credit rating, remain on CreditWatch with negative implications, where we placed them on Aug. 27, 2012. -- We are assigning issue-level ratings of 'B' to the proposed $655 million senior secured not