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Moody's upgrades Hess Midstream
Moody's Investors Service said it upgraded Hess Midstream Operations LP's corporate family rating to Ba1 from Ba2, its senior unsecured notes to Ba2 from Ba3 and its senior secured revolver and term loan to Baa1 from Baa3. The SGL-2 speculative-grade liquidity rating is unchanged.
"Hess Midstream's upgrade to Ba1 recognizes its continued visible growth in cash flow and asset scale through strong contracts that minimize commodity and volume risk," commented Pete Speer, a Moody's senior vice president, in a press release.
"The upgrade also reflects our increased comfort with the company's financial policies, with greater clarity on the parameters by which the company will periodically use debt to fund share repurchases but maintain its financial leverage within levels supportive of its Ba1 rating," Speer added.
The outlook is stable.
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