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S&P assigns Hess Midstream notes BB+
S&P said it assigned BB+ issue-level and 3 recovery ratings to Hess Midstream Operations LP's (HESM) expected $400 million senior unsecured debt issuance. The 3 recovery rating indicates an expectation that lenders would receive meaningful (50%-70%; rounded estimate: 55%) recovery in default.
HESM’s BB+ issuer credit rating is unchanged, S&P said.
The partnership plans to use the proceeds to repay borrowings on the revolving credit facility, which were used to fund the repurchase of about $400 million of class B units from its two sponsors, Hess Corp. and Global Infrastructure Partners.
The outlook is stable.
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