S&P shifts Oryx view to positive

S&P said it changed Oryx Midstream Holdings LLC’s outlook to positive from negative and affirmed the B- ratings on the company and its senior secured term loan B. The recovery rating is unchanged at 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in default.

“Oryx had better-than-anticipated performance in 2020, and we expect recovery of throughput volumes during the next 12-18 months supported by more rigs in the Permian basin. We now expect adjusted debt to EBITDA of 5.5x-5.75x in 2021, declining to about 5x in 2022,” S&P said in a press release.

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