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| Prospect News home > News index > List of issuers C > Headlines for Caprock Midstream Holdings, LLC > News item |
Fitch rates Caprock loan BB-
Fitch Ratings said it assigned a long-term issuer default rating of B to BCP Raptor II, LLC, which does business as Caprock Midstream Holdings, LLC.
The agency also said it assigned a BB- rating with recovery rating of RR2 to its senior secured term loan.
Fitch also said it assigned a first-time long-term issuer default rating of B to BCP Raptor, along with a senior secured rating of BB- with recovery rating of RR2 on its proposed $690 million first-lien secured term loan B.
The RR2 rating indicates 70% to 90% expected default recovery.
The outlook is stable.
The ratings reflect the company's small size, single-basin asset profile and high growth expectations, Fitch said.
The ratings also consider counterparty credit risk exposure to be higher than its peers, the agency said.
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