Research Update: Summit Midstream Partners Is Assigned 'B+' Corporate Credit Rating; Subs' $300 Million Notes Are Rated 'B' - S&P Global Ratings’ Credit Research

Research Update: Summit Midstream Partners Is Assigned 'B+' Corporate Credit Rating; Subs' $300 Million Notes Are Rated 'B'

Research Update: Summit Midstream Partners Is Assigned 'B+' Corporate Credit Rating; Subs' $300 Million Notes Are Rated 'B' - S&P Global Ratings’ Credit Research
Research Update: Summit Midstream Partners Is Assigned 'B+' Corporate Credit Rating; Subs' $300 Million Notes Are Rated 'B'
Published Jun 05, 2013
Published Jun 05, 2013
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S. midstream energy partnership Summit Midstream Partners L.P. (SMLP) plans to issue $300 million in senior unsecured notes due 2021 through its wholly owned subsidiary Summit Midstream Holdings LLC. Holdings intends to use net proceeds to repay outstanding debt under its revolving credit facility associated with its recent acquisitions of Bison Midstream LLC from its parent, Summit Midstream Partners Holdings LLC and Sherwood Gathering and Compression System from MarkWest Energy Partners L.P. (renamed Mountaineer Midstream Company LLC). We are assigning our 'B+' corporate credit rating to SMLP. In addition, we are assigning a 'B' issue-level rating to the notes. The stable outlook on SMLP reflects our expectation that it will maintain adjusted debt to EBITDA of about 4x in 2013

  
Report Type:

Research Update

Issuer
Summit Midstream Partners L.P.
GICS
Oil & Gas Storage & Transportation (10102040)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Summit Midstream Partners Is Assigned 'B+' Corporate Credit Rating; Subs' $300 Million Notes Are Rated 'B'" Jun 05, 2013. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Summit-Midstream-Partners-Is-Assigned-B-Corporate-Credit-Rating-Subs-300-Million-Notes-Are-Rated-B-1141546>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Summit Midstream Partners Is Assigned 'B+' Corporate Credit Rating; Subs' $300 Million Notes Are Rated 'B' Jun 05, 2013. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Summit-Midstream-Partners-Is-Assigned-B-Corporate-Credit-Rating-Subs-300-Million-Notes-Are-Rated-B-1141546>
  
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