...April 10, 2020 NEW YORK (S&P Global Ratings) April 10, 2020--S&P Global Ratings affirmed the 'B+' issuer credit rating and '##-' unsecured issue-level ratings on CNX Resources Corp. (CNX), parent and general partner owner of CNX Midstream Partners L.P. (CNXM), on April 8, 2020. Despite the recent broad sell-off in commodity prices and our lowered oil and natural gas price deck, we view CNX's credit conditions as in line with previous estimates due to its expected gas production being substantially hedged over the next few years at favorable prices. We continue to forecast CNX's adjusted debt to EBITDA in the 3x-3.5x range in 2020 and 2021. CNX owns approximately a 53% interest in CNXM and controls the partnership's general partner. In addition, CNX drives 70%-80% of the midstream entity's revenue. As such, we cap the issuer credit rating on CNXM at the rating on CNX. Consequently, our 'B+' issuer credit rating on CNXM and '##-' issue-level rating on the company's debt are unaffected. For...
