S&P cuts Glass Mountain Pipeline

S&P said it lowered Glass Mountain Pipeline LLC’s rating to B- from B.

The outlook is negative.

“We are lowering our issuer credit rating on Glass Mountain Pipeline, LLC to B- from B to reflect higher expected leverage stemming from a reduction in throughput volumes and increased volatility amid depressed energy commodity prices in 2020,” the agency said in a news release.

At the same time, the agency lowered the issue-level rating on the company's $300 million term loan B facility to B- from B+ and revising the recovery rating to 3 from 2, indicating an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.

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