S&P rates Glass Mountain loan B-

S&P said it assigned a B- issuer credit rating to GMP Borrower LLC, a newly established holding company of Glass Mountain Pipeline and Navigator Panhandle. The outlook is stable.

At the same time, S&P assigned a B- issue-level rating and 3 recovery rating to the company's new first-lien term loan. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.

“The stable outlook reflects our expected leverage of 9x in 2022, declining to 6x in 2023 as the company generates additional volumes from its Borger Express system,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.