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Moody's upgrades GIP II Blue
Moody's Investors Service said it upgraded GIP II Blue Holding, LP's (HESM Holdco) corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and its senior secured term loan rating to Ba3 from B1.
"The upgrade of HESM Holdco to Ba3 reflects the improved credit profile of HESM Opco, the entity which it relies on for distributions to cover its debt-service obligations," said Pete Speer, a Moody's senior vice president, in a press release.
"While HESM Holdco has sold down some of its equity units that back its term loan, the company did also repay some of the term loan with those sales proceeds and therefore its stand-alone metrics are largely unchanged," Speer added.
The outlook remains stable.
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