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Prospect News home > News index > List of issuers S > Headlines for Summit Midstream Partners LP > News item
Published on 2/7/2020 in the Prospect News Bank Loan Daily, Prospect News High Yield Daily and Prospect News Preferred Stock Daily.

S&P cuts Summit Midstream

S&P said it downgraded the BB- ratings on Summit Midstream Partners LP and its senior unsecured debt to B+. The recovery rating of 4 (30%-50%; rounded estimate: 30%) indicates an average recovery in the event of default is unchanged. S&P also lowered the preferred stock rating to CCC+ from B-. The B- issuer and issue-level credit ratings on Summit Midstream Partners Holdings LLC are unchanged.

The agency said it downgraded Summit because it forecasts adjusted leverage at Summit to remain above 5x through 2021.

The outlook is stable.


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