On Feb. 25, 2016, U.S. midstream energy master limited partnership Summit Midstream Partners L.P. announced it entered into an agreement to acquire all remaining operating assets held at its parent, Summit Midstream Partners LLC, for about $1.2 billion. Summit Midstream intends to upsize its revolving credit facility to $1.25 billion from $700 million to partially fund the transaction. We are affirming our 'B+' corporate credit rating and 'B' issue-level rating on Summit Midstream. The outlook is stable. The stable outlook reflects our expectation that Summit will maintain adequate liquidity and adjusted debt to EBITDA in the 4.5 to 5x range through 2017. We expect the partnership to benefit from increased scale and scope due to the asset drop-downs from the
