Fitch rates Antero Midstream, debt BBB-

Fitch Ratings said it assigned a BBB- long-term issuer default rating, senior unsecured rating and senior secured rating to Antero Midstream Partners, LP.

The outlook is stable. Roughly $1.1 billion of debt is affected by these actions.

Fitch said the ratings reflect Antero Midstream’s strong credit linkage with Antero Resources, Inc. (BBB-/stable), a 53% owner and Antero Midstream’s primary counterparty.

“The ratings also reflect the low leverage and conservative financial profile of the partnership supported by fee-based and fixed-priced contracts that limit commodity price exposure and provide some volume protection in the form of minimum volume commitments,” the agency explained in a news release.”

“Fitch believes the equalization of AM's IDR to its owner and largest counterparty's IDR is appropriate because of the strong strategic and operational ties between the entities coupled with AM's low leverage profile.”

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