S&P gives BB+ to Kinetik notes

S&P said it assigned BB+ issue-level and 3 recovery ratings to Kinetik Holdings LP's new $500 million of senior unsecured notes due 2028. The 3 recovery rating indicates meaningful (rounded estimate: 65%) recovery in default.

The ratings are the same as S&P’s ratings on Kinetik’s outstanding unsecured debt.

The company intends to use the proceeds to partially repay a portion of its $2 billion senior unsecured term loan credit facility. At the same time, Kinetik amended the maturity of its term loan credit facility to June 8, 2026.

The outlook is stable.

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