Fitch ups GIP III loan rating

Fitch Ratings said it upgraded the senior secured rating for GIP III Stetson I, LP and GIP III Stetson II, LP's to B-/RR4 from CCC/RR6. The outlook is stable.

“The upgrade of the secured term loan rating and stable outlook are reflective of the improved credit outlook at ENLC, which is constructive to GIP Stetson's cashflow stability. GIP Stetson is an entity with no hard assets that is entirely dependent on the cashflow distribution received from its subsidiary, EnLink Midstream LLC (ENLC; BB+/stable). 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,” the agency said in a press release.

Fitch also affirmed the partnerships’ B- issuer default rating.

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