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Fitch rates Midcoast Operating loan BB
Fitch Ratings said it assigned a first-time long-term issuer default rating of BB- to Midcoast Operating, LP.
The agency also said it assigned a BB rating with recovery rating of RR2 to Midcoast's proposed term loan B.
The use of proceeds of the term loan relates to ArcLight Capital Partners, LLC's acquisition of the Midcoast assets, Fitch said.
The outlook is stable.
The company has medium-scale in the midstream sector context, some diversification and moderate exposure to commodity-price risk, Fitch said.
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