Fitch hikes GIP Stetson

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

“Debt reduction drives the upgrade. Faster-than-expected debt reduction has been helped by its general partner guiding EnLink Midstream LLC (EnLink) to prioritize (relative to Fitch's former understanding) the sum of (a) capex for the core growth strategies and (b) share repurchases, over large increases in unit distributions (previously, Fitch had forecasted repurchases below the recent run-rate). GIP Stetson has participated ratably in the repurchases, which triggers a prepayment provision,” 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.