Moody’s gives Antero CFR Ba2, notes B1

Moody's Investors Service said it assigned Antero Midstream Partners LP a Ba2 corporate family rating, a Ba2-PD probability of default rating and a B1 rating to its proposed senior unsecured notes due 2024.

The agency also assigned a SGL-3 speculative grade liquidity rating, reflecting adequate liquidity through 2017.

The outlook is negative.

Net proceeds will be used to repay borrowings under Antero’s revolving credit facility.

Moody’s said the Ba2 corporate family rating reflects Antero’s stand-alone credit profile of Ba3 with one notch of uplift to reflect its strategic and operational importance to Antero Resources Corp. (Ba2 negative).

The company has long-term fee-based gathering, compression and water handling contracts with Antero, and substantially all of Antero's current as well as all future acreage in West Virginia, Pennsylvania and Ohio has been dedicated to it.

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