EnCap Flatrock Midstream announced definitive agreements to sell Momentum Midstream LLC (unrated), including affiliate M6 ETX Holdings II MidCo LLC , to The Williams Cos. Inc. for $5.5 billion. The transaction is subject to regulatory approval and other closing conditions. S&P Global Ratings affirmed all its ratings on M6 ETX, including the ?B+? issuer credit rating and ?BB-? issue-level rating, and placed them on CreditWatch with positive implications. The recovery rating of ?2? on its senior secured debt is unchanged and indicates substantial recovery (70%-90%; rounded estimate: 70%) in a payment default. We expect to resolve the CreditWatch at or near transaction close and believe that Williams will fully integrate Momentum Midstream and M6 ETX into its operations. The CreditWatch
