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S&P rates Midcoast loan BB-
S&P said it assigned a B+ corporate credit rating to Midcoast Operating LP.
The agency also said it assigned a B+ corporate credit rating to AL Midcoast GP Holdings, LLC and AL Midcoast LP Holdings, LLC.
The outlook on all of the companies is stable.
S&P also assigned a BB- rating and 2 recovery rating to the $600 million term loan due 2025.
The 2 recovery rating indicates 70% to 90% expected default recovery.
The B+ corporate credit rating on Midcoast reflects the company's weak business risk profile and aggressive financial risk profile, S&P explained.
The stable outlook considers an expectation that the partnership will maintain adequate liquidity and an adjusted debt-to-EBITDA ratio in the 3x to 4x range through 2019, the agency added.
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