Moody's gives Hess Midstream notes Ba2

Moody's Investors Service said it gave a Ba2 rating to Hess Midstream Operations LP's (HESM Opco) upcoming issuance of senior unsecured notes.

The company's ratings, including its Ba1 corporate family rating, were not affected by this offering and the outlook remains stable, the agency said.

"This notes issuance will repay revolver borrowings that funded Hess Midstream's repurchase of $400 million of its shares from its sponsors, Hess Corp. and Global Infrastructure Partners," commented Pete Speer, a Moody's senior vice president, in a press release.

"While this will increase financial leverage, the company has visible EBITDA growth this year to return leverage to its 3x target, right in line with levels expected for its Ba1 rating," Speer added.

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