Fitch upgrades GIP III Stetson

Fitch Ratings said it upgraded the long-term issuer default rating for GIP III Stetson I, LP and GIP III Stetson II, LP (collectively GIP Stetson) to B from B-. The agency also upgraded GIP Stetson's senior secured ratings to B/RR4 from B-/RR4.

“The upgrade reflects the improved credit outlook at EnLink Midstream LLC (ENLC; BB+/positive), which is constructive to GIP Stetson's cashflow stability and the driver for the improved credit metrics. GIP Stetson has no hard assets and is entirely dependent on cashflow distribution received from ENLC. Fitch believes that ENLC should have ample liquidity and financial flexibility to meet its needs while maintaining its current distribution policy in the near term. Fitch projects GIP Stetson's leverage to reduce to below 7x by 2024, assuming current dividend levels at ENLC,” the agency said in a press release.

The outlook is stable.

© 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.