...September 15, 2021 NEW YORK (S&P Global Ratings) Sept. 15, 2021--S&P Global Ratings today assigned its '##-' issue-level rating and '3' recovery rating to CNX Midstream Partners L.P.'s proposed $400 million senior unsecured notes due 2030. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in a payment default scenario. While our analysis indicates a recovery percentage of greater than 90% for the company's unsecured debt, we generally cap our recovery ratings on the unsecured debt issued by companies we rate in the '##' category at '3' to capture the risk that they will issue higher-priority debt before defaulting. This refinancing transaction will extend the tenor on CNXM's senior unsecured notes to nine years from five and reduce its interest expense amid favorable market conditions. While we believe the maturity extension is credit positive, CNXM is still maintaining the same level of debt. We expect the company's future deleveraging...
