Fitch trims Antero Midstream

Fitch Ratings said it downgraded Antero Midstream Partners, LP's long-term issuer default rating and senior unsecured ratings to BB- from BB+ with an RR4 recovery rating to the company’s senior unsecured notes. Additionally, Fitch downgraded Antero’s senior secured revolving credit facility to BB+ from BBB- with an RR1 recovery rating to the facility. The outlook is revised to negative from stable.

Fitch assigned Antero Midstream Finance Corp. a senior unsecured rating of BB-/RR4. The company is the co-issuer of the senior unsecured notes.

The downgrade to Antero and its negative outlook reflect the negative rating actions at Antero’s sponsor and primary counterparty, Antero Resources Corp. Fitch previously stated a downgrade at Antero Resources would result in a downgrade at Antero Midstream.

Antero Resource's IDR was downgraded to BB- with a negative outlook, reflective of the company's limited market access in the context of its large maturity wall, weak natural gas and NGL prices, near-term negative FCF linked to plans to grow into unused pipeline commitments; and execution risk on portions of the company's proposed asset sales program.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.