We believe Glass Mountain Pipeline LLC, a crude oil transportation system connecting the STACK, Mississippi Lime, and Granite Wash plays to Cushing, Okla., will likely miss an interest payment, file for bankruptcy, or complete a restructuring we would view as distressed within the next several months. As a result, we lowered our issuer credit rating on Glass Mountain to 'CC' from 'CCC'. At the same time, we lowered our issue-level rating on the company's term loan B to 'CC' from 'CCC'. The '3' recovery rating is 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 a default or restructuring is inevitable. The negative outlook
