S&P cuts Summit Midstream Partners

S&P said it cut Summit Midstream Partners LP’s issuer rating to SD from CC and its series A preferred units to D from C.

The downgrade follows the close of Summit’s series A preferred unit exchange, S&P said.

“We consider this a distressed transaction based on the discounted trading levels of the preferred units and because the preferred holders have received less than the original promise of the securities,” the agency said in a press release.

Holders will receive 30 common units for each preferred unit tendered. Holders tendered about $18.66 million of preferred units.

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