Fitch rates AT&T preferreds BBB

Fitch Ratings said it assigned BBB ratings to AT&T Inc.'s offerings of euro perpetual preferred stock and dollar-denominated perpetual preferred stock; both have been assigned 50% equity credit. AT&T's long-term issuer default rating is A-. The outlook is stable.

The company intends to use the proceeds for general corporate purposes.

Moody's downgrades GIP III Stetson I

Moody's Investors Service said it downgraded GIP III Stetson I, LP's corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD and the senior secured term loan rating to B1 from Ba3. The term loan borrowers are GIP III Stetson I and GIP III Stetson II, L.P. The borrowers are jointly and severally liable with respect to the term loan. The rating outlook is stable.

The agency also affirmed EnLink Midstream, LLC's Ba1 corporate family rating Ba1-PD probability of default rating and Ba1 senior unsecured notes rating. Enlink’s speculative grade liquidity rating was upgraded to SGL-2 from SGL-3. The outlook is stable.

Moody's also affirmed Enlink's subsidiary, EnLink Midstream Partners, LP's Ba1 senior unsecured notes rating and Ba3 perpetual preferred units rating. The outlook is stable.

“GIP III Stetson's downgrade reflects its high stand-alone leverage and reduced cash flow pro forma for EnLink's distribution cut,” said Amol Joshi, a Moody's vice president and senior credit officer, in a press release.

Moody’s assigns AT&T preferreds Ba1

Moody’s Investors Service said it assigned a Ba1 rating to AT&T Inc.’s proposed series C perpetual preferred stock. AT&T intends to use the proceeds for general corporate purposes, which Moody’s believes may include the repurchase of its common stock under its ongoing share repurchase program.

The Ba1 rating on AT&T’s preferred stock reflects the preferred stock’s subordinated, and junior in right of payment position, to AT&T’s long-term debt. It is also subordinated to any future subordinated debt issuance. “The two-notch differential between the Ba1 assigned to the series C preferred stock and AT&T’s Baa2 unsecured rating is consistent with our methodology guidance for notching corporate instrument ratings based on differences in security and priority of claim,” said Moody’s in a press release.

Fitch rates Synovus notes BBB-

Fitch Ratings said it assigned a BBB- rating to Synovus Bank's offering of $400 million of three-year fixed-to-floating rate senior bank notes due 2023. In May, Fitch affirmed Synovus Bank's long-term issuer default rating at BBB-. The outlook remains positive.

As per Fitch's global bank rating criteria, Synovus Bank's senior unsecured debt rating is equalized with its long-term IDR. Synovus Bank's senior unsecured debt rating is broadly sensitive to the same considerations that would affect its long-term IDR.

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