Moody’s assigns Ba1 to Kinetik notes

Moody's Investors Service said it assigned a Ba1 rating to Kinetik Holdings LP's planned backed senior unsecured notes.

Kinetik's other ratings, including its Ba1 corporate family rating and Ba1 rating on its outstanding backed senior unsecured notes and stable outlook, remain unchanged, the agency said.

Kinetik will use the proceeds to partially repay its $2 billion term loan. The company's term loan will be extended by one year to June 2026, contingent on repayment of at least $500 million of the term loan. The term loan maturity will extend to December 2026 if the balance is decreased below $1 billion.

"Kinetik's partial repayment of its term loan with net proceeds from its proposed bonds and extension of the term loan benefits the company's credit profile by extending its debt maturity profile," commented Jonathan Teitel, a Moody's senior analyst, in a press release.

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