Moody's eyes Oasis Midstream for upgrade

Moody's Investors Service said it placed Oasis Midstream Partners LP's ratings on review for upgrade following the news Crestwood Equity Partners LP will acquire Oasis in a deal valued at $1.8 billion, including the assumption of Oasis’ $660 million debt.

The OMP ratings on review include its B2 corporate family rating, B2-PD probability of default rating and B3 senior unsecured notes rating. The SGL-3 speculative grade liquidity rating remains unchanged.

"The potential ownership by Crestwood will likely improve Oasis Midstream's credit profile given Crestwood's stronger credit rating, the large equity component of the purchase price and potential synergies," stated James Wilkins, a Moody's vice president, a press release.

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