S&P cuts Glass Mountain

S&P said it downgraded Glass Mountain Pipeline LLC and its senior secured term loan rating to D from CC.

“The downgrade follows GMP's decision not to make an interest payment due July 30, 2021, on its outstanding debt, which constitutes an event of default under our criteria,” S&P said in a press release.

On Thursday, the company entered a forbearance agreement with its lenders.

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