Moody’s upgrades EMG Utica, loan to B1

Moody's Investors Service said it upgraded EMG Utica, LLC's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and senior secured term loan to B1 from B2.

The outlook is stable.

"EMG Utica's rating upgrade is driven by the company's substantial reduction in its debt burden and our expectation of steady distributions from MarkWest Utica EMG, LLC (JV) to EMG Utica. Continued growth in the natural gas volumes produced in the Utica region contribute to the stable outlook" Moody's senior analyst Sreedhar Kona said in a news release.

"EMG Utica's reliance on the JV's performance and distributions constrain the ratings."

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