Moody's upgrades Navitas Midstream

Moody's Investors Service said it raised Navitas Midstream Midland Basin, LLC's corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and senior secured term loans to B2 from B3.

"The upgrade reflects the company's reduced financial leverage and enhanced scale and cash flow generation capacity that will help support future growth and better manage adverse industry shocks and operational issues," said Sajjad Alam, a Moody's vice president, in a press release.

"The planned start of the 200 MMcf/d Leiker processing plant in early-2022 will further boost cash flow and operational diversity strengthening the company's credit profile," Alam added.

The outlook remains positive.

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