Research Update: GIP III Stetson I L.P., GIP III Stetson II L.P. 'B-' Rating Affirmed On Proposed Term Loan B Extension; Outlook Positive

GIP III Stetson I L.P. and GIP III Stetson II L.P. (as co-borrowers, collectively Stetson) have proposed extending the maturity of their senior secured term loan B (TLB) for three years to October 2028. We believe Stetson's credit profile will be unchanged at the time of the proposed TLB extension. Our assessment of Stetson's credit profile is dependent on our rating on EnLink Midstream LLC (EnLink). Therefore, S&P Global Ratings affirmed its 'B-' issuer credit rating (ICR) on Stetson and its 'B-' issue-level rating on the TLB. The '3' recovery rating on the term loan, which indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default, is unchanged. The positive outlook on Stetson

...- GIP III Stetson I L.P. and GIP III Stetson II L.P. (as co-borrowers, collectively Stetson) have proposed extending the maturity of their senior secured term loan B (TLB) for three years to October 2028. - We believe Stetson's credit profile will be unchanged at the time of the proposed TLB extension. Our assessment of Stetson's credit profile is dependent on our rating on EnLink Midstream LLC (EnLink). - Therefore, S&P Global Ratings affirmed its 'B-' issuer credit rating (ICR) on Stetson and its 'B-' issue-level rating on the TLB. The '3' recovery rating on the term loan, which indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default, is unchanged. - The positive outlook on Stetson reflects the positive outlook on EnLink....

Research Update