S&P rates Summit notes B

Standard & Poor's said it assigned a B+ corporate credit rating to Summit Midstream Partners LP.

The agency also said it assigned a B rating and 5 recovery rating to subsidiary Summit Midstream Holdings and Summit Midstream Finance Corp.'s $300 million senior unsecured notes due 2021.

The 5 recovery rating indicates 10% to 30% expected default recover.

The outlook is stable.

The ratings reflect the company's fair business risk profile and aggressive financial risk profile, S&P said.

The fair business risk profile reflects Summit's small size and scale, limited asset and geographic diversity, high percentage of fee-based cash flow and minimum volume commitments that support a significant portion of EBITDA, the agency said.

The aggressive financial risk profile reflects high leverage, aggressive growth strategy and the partnership's financial sponsor ownership, S&P said.

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