...Reduced Liquidity Expected: Fitch Ratings expects a modest decline in liquidity in the balance of 2015 and into 2016. Issuers are expected to rely on revolvers given continued spending and restrained capital markets. As of June 30, 2015 liquidity remained intact for the select group of issuers evaluated. Capital market activity fell during third-quarter 2015, yet most issuers are expected to have sufficient liquidity. Some high-yield issuers may have constraints as equity price weakness limits their ability to raise equity. Liquidity in Place Through 2Q15: As of June 30, 2015 master limited partnership (MLP) issuers had drawn on 25% of capacity on committed revolvers. For diversified issuers and midstream c-corporations, 24% of capacity was drawn. Furthermore, committed capacity for 24 issuers increased by over $9 billion over a 12-month period. Debt maturity schedules are manageable in the balance of 2015 and in 2016. The issuers reviewed have an average of 5% of total debt due in each...
