On July 30, 2021, we raised our issuer credit rating on CNX Resources Corp. (CNX), the parent and general partner owner of CNX Midstream Partners L.P. (CNXM), to 'BB-' from 'B+'. Therefore, we raised our issuer credit rating on CNXM to 'BB-' from 'B+'. Our 'BB-' issue-level rating on the company's debt is unchanged. However, we are revising our recovery rating on CNXM's senior unsecured debt to '3' from '2' to indicate our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in a payment default scenario. While our analysis indicates recovery of greater than 90% for CNXM's unsecured debt, we generally cap our recovery ratings on the debt of companies we rate in the 'BB' category at '3'. The stable
