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Moody’s rates Medallion, loan B2
Moody's Investors Service said it assigned Medallion Midland Acquisition, LLC a B2 corporate family rating, a B2-PD probability of default rating and a B2 senior secured term loan rating.
The outlook is positive.
"Medallion's ratings reflect the company's small scale and its high initial leverage, which, to decline to a sustainable range, is dependent on a rapid increase in volumes. The ratings benefit from the location of the company's assets in the Midland Basin and the basin's expected growth in crude oil volumes," Moody's senior analyst Amol Joshi said in a news release.
"The positive outlook reflects producer drilling activity in the acreage dedicated to Medallion and the expected improvement in leverage metrics should that level of activity continue."
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