...- Glass Mountain Pipeline LLC, a crude oil transportation system connecting the STACK, Mississippi Lime, and Granite Wash plays to Cushing, Okla., is facing a material reduction of throughput volumes in 2020 that may damage its ability to service its $300 million term loan absent the support from its financial sponsor. - As a result, we are lowering our issuer credit rating on Glass Mountain Pipeline to '###' from 'B-'. - At the same time, we are lowering our rating on Glass Mountain's $300 million term loan B to '###' from 'B-'. The '3' recovery rating remains unchanged indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. - The negative outlook reflects our expectation that Glass Mountain may violate its minimum 1.1x DSCR financial covenant, and consider a distressed debt exchange or redemption within the next 12 months, absent equity support from its sponsors or a credit agreement amendment....
