Moody’s cuts Archrock to B1, notes to B3

Moody's Investors Service said it downgraded Archrock Partners, LP's corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD and senior unsecured notes rating to B3 from B1.

The speculative grade liquidity rating remains SGL-3.

The outlook is negative. This resolves the review for downgrade that was initiated on Jan. 21.

"The downgrade reflects declining cash flow and weakening leverage resulting from lower fleet utilization and pricing pressure for natural gas compression units," Moody's senior vice president Terry Marshall said in a news release.

"Archrock Partners' distribution coverage could fall below 1x this year, resulting in debt-funded distributions."

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