S&P upgrades GIP III Stetson

S&P said it raised its ratings on GIP III Stetson I LP and GIP III Stetson II LP (collectively Stetson) and their senior secured term loan B to B from B-. The 3 recovery rating on the term loan, which indicates meaningful (50%-70%; rounded estimate: 60%) recovery, is unchanged.

Stetson relies on distributions from EnLink Midstream LLC to service its debt. Stetson’s only asset is its 46 stake in EnLink. On Wednesday, the agency upgraded EnLink’s rating to BBB- from BB+.

Stetson’s upgrade follows the rating action on EnLink, S&P explained.

The outlook is stable.

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