Moody's rates EnLink notes Ba1

Moody's Investors Service said it assigned a Ba1 (LGD 4) rating to EnLink Midstream, LLC's proposed offering of senior unsecured notes.

Moody's also said it affirmed EnLink's Ba1 corporate family rating and Ba1-PD probability of default rating. The company's SGL-3 speculative grade liquidity rating is unaffected.

The outlook is stable.

Moody's also affirmed its subsidiary, EnLink Midstream Partners, LP's Ba1 senior unsecured notes rating and Ba3 perpetual preferred units rating.

The proceeds from the offering will be used to pay down debt outstanding under EnLink's revolving credit facility, the agency said.

The proposed notes issuance is opportunistically repaying indebtedness outstanding under the company's revolving credit facility, Moody's explained.

The ratings are supported by its high proportion of fee-based revenue with moderate volume stability and cash flow visibility, the agency said.

These strengths are partially offset by EnLink's concentration in the mature Barnett Shale, where volumes have been declining, Moody's said.

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