S&P rates Antero Midstream notes BB+

S&P said it assigned a BB+ rating and 3 recovery rating to the proposed $600 million senior unsecured notes due in 2027 issued by Antero Midstream Partners LP and Antero Midstream Finance Corp.

The 3 recovery rating indicates 50% to 70% expected default recovery.

The proceeds will be used to refinance debt under its credit facility, S&P said.

Antero Midstream is a master limited partnership formed by Antero Resources Corp. to own, operate and develop midstream energy assets to service Antero's increasing production, the agency said.

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