S&P raises Stonewall Gas to BB-, loan to BB+

S&P said it raised the corporate credit rating on Stonewall Gas Gathering LLC to BB- from B.

The outlook is stable.

At the same time, the agency upgraded the issue-level rating on Stonewall's senior secured term loan to BB+ from BB-. The 1 recovery rating is unchanged and reflects an expectation lenders could receive very high (90%-100%) recovery in the event of a payment default.

"The stable rating outlook reflects our view that the company will maintain adequate liquidity and continue to diversify its shippers while maintaining adjusted leverage in the 2.5x to 3x area," S&P credit analyst Mike Llanos said in a news release.

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