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Fitch trims GIP III Stetson
Fitch Ratings said it downgraded GIP III Stetson I, LP’s and GIP III Stetson II, LP’s issuer default rating to B- from B+ and senior secured rating to CCC/RR6 from B-/RR6. The outlook is revised from negative to stable.
“The downgrade reflects GIP Stetson’s unsustainable high leverage following EnLink Midstream LLC’s (ENLC; BB+/Negative) approximately 50% distribution cut, a move that enhances FCF and liquidity at ENLC, but worsens GIP Stetson’s credit profile,” said Fitch in a press release.
Fitch said it now forecasts GIP Stetson’s leverage to be about 10x for 2020 and 2021.
The stable outlook mirrors Fitch’s view ENLC should now have adequate liquidity to operate through 2020 following its recent distribution and capital expenditure reduction, the agency said.
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