We are lowering our issuer credit rating on Glass Mountain Pipeline, LLC to 'B-' from 'B' to reflect higher expected leverage stemming from a reduction in throughput volumes and increased volatility amid depressed energy commodity prices in 2020. At the same time, we are lowering our issue-level rating on the company's $300 million term loan B facility to 'B-' from 'B+' and revising our recovery rating to '3' from '2'. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. The negative outlook on Glass Mountain reflects its heightened volumetric risk and elevated leverage due to challenging energy market conditions that we expect to persist through 2020. The downgrade
