Moody's assigns Caa1 to GMP, loan

Moody's Investors Service said it assigned new ratings to GMP Borrower LLC, including a Caa1 corporate family rating, a Caa1-PD probability of default rating and a Caa1 rating on its senior secured term loan. Concurrently, the agency withdrew the ratings of Glass Mountain Pipeline Holdings, LLC.

The term loan was used in the restructuring of Glass Mountain Pipeline Holdings' debt.

"We expect GMP Borrower LLC's debt will be adequately serviced by the cash flow from Glass Mountain Pipeline Holdings LLC," stated James Wilkins, a Moody's vice president, in a press release.

The outlook is stable.

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