Fitch cuts Medallion Midland

Fitch Ratings said it downgraded Medallion Midland Acquisition, LLC’s long-term issuer default rating to B from B+ and senior secured term loan B rating to B+/RR3 from BB/RR2. In addition, Fitch downgraded Medallion Gathering & Processing, LLC’s IDR to B from B+. The outlooks are being revised to negative from stable.

“The rating actions on Medallion’s gathering and processing operations occur in a context of certain members of OPEC+ effectively changing the policy of withholding production to maintain relatively stable oil prices,” said Fitch in a press release.

“Cartel leader Saudi Arabia has adopted a pump-at-will policy. The pressure on existing policy was acute given the sharp decrease in global energy demand brought on by the coronavirus,” said Fitch.

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