Overview Key strengths Key risks Long term fixed-fee contracts with acreage dedication. Limited operating scale. Relatively low leverage compared to peers. Lack of asset and geographic diversity compared to certain similarly rated peers. Strategic relationship with parent results in the rating being equalized. Customer concentration. CNXM is dependent on parent CNXR for most of its volumes, cash flows, and growth opportunities. In addition, they share a management and operations team. We also consider CNXM to be important to CNXR?s current business plans and future growth strategy, underpinning our view that the parent would provide support to CNXM in any needed circumstances. As such we believe this integrated and intertwined nature of business between the entities implies a high-level of influence
