Fitch lowers Oryx Midstream

Fitch Ratings said it downgraded Oryx Midstream Holding LLC’s long -term issuer default rating to B from B+. Fitch also downgraded the senior secured term loan to B+/RR3 from BB/RR2.

The agency revised the outlook to negative from stable.

“The rating actions follow headwinds in the macro crude oil environment where the pressure on the OPEC+ existing policy was acute given the sharp decline in global energy demand brought on by the coronavirus. This has led Fitch to revise its base case price deck lower which has resulted in Oryx’s weaker metrics,” said Fitch in a press release.

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