Research Update: GIP III Stetson I L.P. 'B+' Rating Affirmed; Outlook Stable; 'B+' Senior Secured Rating Affirmed (Recovery Revised To 3)

EnLink Midstream LLC (ENLC) continues to progress on its previously announced simplification and acquisition of all outstanding common units of master limited partnership (MLP) EnLink Midstream Partners L.P. (EnLink) it does not already own. GIP III Stetson I L.P. and GIP Stetson II L.P (collectively GIP Stetson) are the holding companies that control both ENLC and EnLink. The simplification does not affect our view of GIP Stetson. We are affirming our 'B+' issuer credit and issue-level ratings on GIP Stetson. The stable rating outlook reflects our expectation that pro forma for the ENLK simplification, the company will maintain stand-alone adjusted debt leverage in the 3x-4x range over the next 12 months. On Nov. 16, 2018, S&P Global Ratings affirmed its

...+ EnLink Midstream LLC (ENLC) continues to progress on its previously announced simplification and acquisition of all outstanding common units of master limited partnership (MLP) EnLink Midstream Partners L.P. (EnLink) it does not already own. GIP III Stetson I L.P. and GIP Stetson II L.P (collectively GIP Stetson) are the holding companies that control both ENLC and EnLink. The simplification does not affect our view of GIP Stetson. + We are affirming our 'B+' issuer credit and issue-level ratings on GIP Stetson. + The stable rating outlook reflects our expectation that pro forma for the ENLK simplification, the company will maintain stand-alone adjusted debt leverage in the 3x-4x range over the next 12 months....

Research Update