S&P cuts Summit Midstream preferreds to D

S&P said it downgraded Summit Midstream Partners LP’s preferred units to D from C.

The agency lowered SMLP's preferred units’ rating after the close of its series A preferred unit cash tender.

For each unit SMLP accepted, it paid the unitholder $333, which is a 33.2% increase over its previous offer of $250 per unit and is a 66.5% increase over the initial $200 offer, S&P said.

“We view this transaction as distressed based on the discounted trading levels of the preferred units and because the unitholders received less than what they were originally promised,” S&P said in a press release.

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