Moody's shifts Paradigm Midstream view to stable

Moody's Investors Service said it changed Paradigm Midstream, LLC's outlook to stable from negative, and affirmed the company's B3 corporate family rating, B3-PD probability of default rating and B3 senior secured term loan facility.

"The stable outlook reflects Paradigm's improved throughput volume and operating cash flow in 2021 and our expectation that the company will generate sufficient free cash flow to cover its scheduled principal amortizations through 2022," said Sajjad Alam, a Moody's senior analyst, in a press release.

"While the recovery in drilling and development activity in the Williston Basin remains well below pre-pandemic levels, downward pressure on volumes has abated and producers could gradually increase spending in 2022 if oil price continues to hold above $60/bbl," Alam added.

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