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Fitch rates WaterBridge loan BB
Fitch Ratings said it assigned a long-term issuer default rating of B+ to WaterBridge Midstream Operating, LLC, and BB/RR2 senior secured rating to WaterBridge's proposed secured term loan.
The BB/RR2 rating for the senior secured term loan indicates that in the event of a default, Fitch expects that the secured term loan B will have a recovery in the 70% to 90% range.
The outlook is stable.
WaterBridge's rating reflects its small size, single basin asset profile and high growth expectations, the agency said.
Leverage metrics are elevated as of the transaction close but are anticipated to improve to be in line with, or better than, Fitch-rated single basin gathering and processing peers in the region, the agency added.
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