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Prospect News home > News index > List of issuers E > Headlines for Equitrans Midstream Corp. > News item |
S&P assigns BB to Equitrans loan
S&P said it assigned a BB issuer credit rating to Equitrans Midstream Corp.
S&P also assigned a BB rating to the new $650 million term loan B. The recovery rating of 3 indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 65%) to lenders in a default scenario.
“The stable rating outlook reflects our expectation that pro forma for the simplification, the company will maintain stand-alone adjusted debt leverage of less than 2x over the next 12 months,” S&P said in a news release.
Equitrans is the holding company that controls master limited partnership EQM Midstream Partners LP (EQM, BBB-/stable). The company is proposing to issue a $650 million five-year term loan B to fund a buyout of the general partner, EQGP Holdings LP, pay down short-term debt, pay transaction fees and increase cash on hand.
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