Fitch raises GIP III Stetson

Fitch Ratings said it raised 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. Fitch also boosted GIP Stetson's senior secured rating to B+/RR4 from B/RR4.

“The upgrade mainly reflects the upgrade at EnLink Midstream, LLC (ENLC; BBB-/stable). An additional factor is falling leverage at GIP Stetson. ENLC has recently declared its distribution per share, and thereupon Fitch estimates that 2023 leverage will be slightly below the level at which Fitch had previously stated a positive rating action could occur,” Fitch said in a press release.

The outlook is stable.

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