Moody’s ups Summit Midstream

Moody's Investors Service said it upgraded Summit Midstream Holdings, LLC's senior unsecured notes to B2 from B3 and affirmed its B1 corporate family rating, B1-PD probability of default rating and speculative grade liquidity rating of SGL-3.

The outlook was revised to positive from stable.

Summit is an intermediate midstream holding company wholly owned by Summit Midstream Partners, LP.

"Summit's positive outlook reflects the company's visible growth trajectory and its track record of using a good mix of equity and debt to successfully fund drop-down acquisitions incubated by its general partner," Moody's vice president Amol Joshi said in a news release.

"Summit's growing revenue stream is primarily comprised of fee-based contracts, and in many cases supported by minimum volume commitments and acreage dedications."

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