Research Update: CNX Midstream Partners L.P. Rated 'BB-', Outlook Stable; Notes Rated 'BB-' (Recovery Rating: '4')

Pennsylvania-based midstream energy master limited partnership CNX Midstream Partners L.P. (CNXM) is issuing $400 million of senior unsecured notes due 2026. The partnership plans to use the proceeds from this offering to repay outstanding borrowings on its revolving credit facility and to fund the acquisition of Shirley-Pennsboro assets from its parent company CNX Resources Corp. We are assigning our 'BB-' corporate credit rating to CNX Midstream Partners. The outlook is stable. We are also assigning our 'BB-' issue-level rating and '4' recovery rating to the partnership's $400 million senior unsecured notes. The stable outlook on CNX Midstream Partners reflects our expectation that the partnership will continue to increase volumes due to growth in production at CNX Resources, as well as

...+ Pennsylvania-based midstream energy master limited partnership CNX Midstream Partners L.P. (CNXM) is issuing $400 million of senior unsecured notes due 2026. The partnership plans to use the proceeds from this offering to repay outstanding borrowings on its revolving credit facility and to fund the acquisition of Shirley-Pennsboro assets from its parent company CNX Resources Corp. + We are assigning our '##-' corporate credit rating to CNX Midstream Partners. The outlook is stable. + We are also assigning our '##-' issue-level rating and '4' recovery rating to the partnership's $400 million senior unsecured notes. + The stable outlook on CNX Midstream Partners reflects our expectation that the partnership will continue to increase volumes due to growth in production at CNX Resources, as well as the additional volumes related to the Shirley-Pennsboro acquisition. We expect the partnership to maintain debt to EBITDA of slightly below 3x and funds from operations (FFO) to debt of about 30%...

Research Update