S&P cuts Summit Midstream

S&P said it downgraded the ratings on Summit Midstream Partners LP to SD from CC and its senior unsecured debt to D from CC.

The downgrade follows the company reporting it retired $38.7 million of the 2025 notes at or below the price of $575 per $1,000 of the 2025 notes, and about $33.5 million of the 2022 notes at or below the price of $700 per $1,000 of the 2022 notes, the agency said.

“We view these transactions as distressed, based on the discounted trading levels and the noteholders' receiving less than originally promised,” S&P said in a press release.

The agency affirmed the C rating on the preferred stock because it is excluded from the exchange.

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