One or more of the credit ratings referenced within this article was assigned by deviating from S&P Global Ratings' published criteria. GIP II Blue Holding L.P. (HoldCo) recently sold approximately 12.65 million class A shares in Hess Midstream L.P. (HESM) for approximately $499 million and completed prepayments of its term loan B for approximately $136 million. At close, HoldCo's ownership in HESM decreased to approximately 8.4%. We affirmed our 'BB-' issuer credit rating on HoldCo and our 'BB-' issue-level rating on its senior secured term loan B. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. The stable outlook on HoldCo reflects our expectation that its S&P Global
