S&P upgrades Summit

S&P said it reviewed the recovery and issue-level ratings on Summit Midstream Finance Corp. that were considered under criteria observation (UCO) after the agency published revised recovery ratings criteria Dec. 7.

With the criteria review complete, the agency said it raised the issue-level rating to B+ from B and revised the recovery rating to 4 from 5, indicating 30% to 50% expected default recovery.

These actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit rating.

The senior unsecured rating on Summit Midstream Holdings LLC also was upgraded to B+ from B and its recovery rating was revised to 4L from 5L.

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