S&P ups, then pulls Oasis Midstream

S&P said it upgraded its ratings on Oasis Midstream Partners LP and its debt to BB- from B and removed the ratings from CreditWatch, where they were placed with positive implications on Oc. 28. The agency revised the outlook to positive.

Crestwood Equity Partners LP completed its acquisition of Oasis on Feb. 1.

“The rating actions follow the closing of Crestwood's acquisition of Oasis Midstream. We raised our rating on Oasis Midstream to BB- with a positive outlook to equalize it with the rating on Crestwood because we now consider Oasis Midstream to be a core entity of Crestwood. We subsequently withdrew the rating,” S&P said in a press release.

Concurrently, the agency revised the recovery rating on Oasis’ debt to 4 (rounded estimate: 45%) from 3 to mirror Crestwood’s unsecured debt recovery rating.

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