S&P rates Summit notes B

Standard & Poor’s said it assigned a B rating and 5 recovery rating to Summit Midstream Holdings LLC and Summit Midstream Finance Corp.’s proposed $300 million senior unsecured notes due 2022.

The 5 recovery rating indicates 10% to 30% expected default recovery.

The notes are guaranteed on a senior unsecured basis by Summit Midstream Partners LP.

The proceeds will be used to repay an outstanding portion under the revolving credit facility, which it drew on to fund the Red Rock Gathering Co. LLC acquisition, the agency said.

Summit’s corporate credit rating is B+ and its outlook is stable.

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