Summit Midstream Partners L.P. (SMLP) has announced a proposed exchange tender offer in two modified Dutch Auctions for its senior unsecured notes due in 2022 and 2025. The exchange is being offered at a significant discount to par, and is viewed as distressed. We recognize the partnership is taking progressive steps to continue to clean up the balance sheet, however noteholders are being offered less than the original promise. As a result, we are lowering our issuer credit rating on SMLP to 'CC' from 'CCC'. The outlook is negative. We are lowering our issue-level rating on Summit Midstream Holdings LLC's senior unsecured debt to 'CC' from 'CCC', reflecting our '4' recovery rating that reflects our expectation of average (30%-50%; rounded
