S&P rates EnLink notes BB+

S&P said it assigned a BB+ rating and 3 recovery rating to EnLink Midstream LLC's proposed senior unsecured notes due in 2029.

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

The proceeds will be used to reduce outstanding debt on its revolving credit facility and for general company purposes, S&P said.

The proposed notes are guaranteed by EnLink Midstream Partners LP and are pari passu to EnLink's senior unsecured debt, the agency said.

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