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Moody’s lowers Summit Midstream
Moody’s Investors Service said it downgraded Summit Midstream Partners, LP’s corporate family rating to B3 from B2 and perpetual preferred units rating to Caa3 from Caa2. The agency lowered Summit’s probability of default rating to B3-PD/LD from B2-PD while appending the PDR with an /LD designation. Summit’s speculative grade liquidity rating remains SGL-4.
Moody’s concurrently downgraded Summit Midstream Holdings, LLC’s senior unsecured notes rating to Caa2 from Caa1.
Moody’s also downgraded subsidiary Summit Midstream Partners Holdings, LLC’s CFR to Ca from Caa2, PDR to Ca-PD from Caa2-PD and senior secured term loan rating to Ca from Caa2.
“The downgrade of Summit Midstream Partners’ rating reflects rising debt refinancing and additional distressed exchange risk as its maturities approach,” said Amol Joshi, a Moody’s vice president and senior credit officer, in a press release.
“The company also faces volumetric and cash flow risk due to coronavirus’ negative effect on E&P capital spending and the global economic outlook, and uncertainty regarding future volumes in its key basins,” Joshi said.
The outlook for the companies remains negative.
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