Research Update: CNX Midstream Partners L.P. Outlook Revised To Positive Following Outlook Revision On Its Parent, Ratings Affirmed

On April 5, 2021, S&P Global Ratings revised its outlook on CNX Midstream Partners L.P.'s (CNXM) parent and general partner owner, CNX Resources Corp. (CNX), to positive from stable. Therefore, we revised our outlook on CNXM to positive from stable and affirmed our 'B+' issuer credit rating on the company to reflect our view of CNXM's strategic importance to CNX and our expectation that CNX will generate significant free cash and reduce its debt over the next couple of years. At the same time, we affirmed our 'BB-' issue-level rating on CNXM's senior unsecured notes. The '2' recovery rating remains unchanged, indicating our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in a payment default scenario. The positive outlook on

...- On April 5, 2021, S&P Global Ratings revised its outlook on CNX Midstream Partners L.P.'s (CNXM) parent and general partner owner, CNX Resources Corp. (CNX), to positive from stable. - Therefore, we revised our outlook on CNXM to positive from stable and affirmed our 'B+' issuer credit rating on the company to reflect our view of CNXM's strategic importance to CNX and our expectation that CNX will generate significant free cash and reduce its debt over the next couple of years. - At the same time, we affirmed our '##-' issue-level rating on CNXM's senior unsecured notes. The '2' recovery rating remains unchanged, indicating our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in a payment default scenario. - The positive outlook on CNXM reflects our positive outlook on CNX. Our positive outlook on CNX reflects the likelihood of an upgrade if we expect its funds from operations (FFO) to debt to remain well above 30% on a sustained basis....

Research Update