Moody's eyes Navitas Midstream for boost

Moody's Investors Service said it placed Navitas Midstream Midland Basin, LLC’s ratings under review for upgrade.

The review follows Enterprise Products Operating, LLC's announcement on Jan. 10, that it agreed to acquire Navitas' parent company, Navitas Midstream Partners, LLC for $3.25 billion in cash.

"The proposed transaction is highly value enhancing for Navitas' owners and creditors, given Enterprise's much stronger credit profile," said Sajjad Alam, a Moody's vice president, in a press release.

Enterprise plans to repay all of Navitas’ bank debt and the agency said it would likely withdraw all of Navitas’ ratings once the debt is repaid.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.