Moody's: Summit Midstream notes B3

Moody's Investors Service said it assigned a B3 rating to Summit Midstream Holdings, LLC and co-issuer Summit Midstream Finance Corp.'s proposed $300 million of senior unsecured notes.

Moody's also assigned a B1 corporate family rating, a B1-PD probability of default rating (PDR) and a speculative grade liquidity rating of SGL-3 to Summit.

The outlook is stable.

The proceeds of the notes will be used to repay borrowings outstanding under the company's revolving credit facility, which includes indebtedness incurred to fund recent acquisitions.

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