Moody’s upgrades GIP III Stetson I

Moody’s Ratings said it upgraded GIP III Stetson I, LP's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and the backed senior secured term loan rating to B1 from B2, and maintained the stable outlook.

The term loan borrowers are GIP III Stetson I and GIP III Stetson II, LP. The borrowers are jointly and severally liable for the term loan.

"The upgrade of GIP III Stetson I, which owns controlling interests in EnLink, reflects the entity benefitting from improved cash flow and debt reduction, even though its stand-alone leverage remains high," said Amol Joshi, a Moody's Ratings vice president and senior credit officer, in a press release.

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