On March 10, 2021, Summit Midstream Partners L.P. (SMLP) announced that it had commenced an offer to exchange a portion of its outstanding 9.50% series A preferred units for newly issued common units. Under the terms of the offer, the holders of its series A preferred units will receive 27 common units for each preferred unit exchanged. We consider this transaction to be distressed based on the discounted trading levels of the preferred units and because the holders of the units will receive less than they were originally promised. Therefore, we are lowering our issuer credit rating on SMLP to 'CC' from 'CCC+' and our issue-level rating on its series A preferred units to 'C' from 'CC'. We are also
