| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Summit Midstream Partners LP > News item |
S&P cuts Summit Midstream
S&P said it lowered Summit Midstream Partners LP’s issuer rating to CC from CCC+ and its series A preferred units to C from CC.
“The downgrade of SMLP follows its announcement of an exchange for its series A preferred units that we view as distressed. The terms of the exchange provide the holders of its preferred units the opportunity to move down the capital structure for a more liquid security,” the agency said in a press release.
Earlier this month, SMLP offered to exchange some of its preferred units, with holders getting 27 common units for each preferred unit.
The outlook remains negative.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.