On April 15, 2021, Summit Midstream Partners L.P. (SMLP) closed its preferred unit exchange. Approximately $18.66 million of notional preferred units have been tendered, and holders will receive 30 common units for each preferred unit. We consider this a distressed transaction based on the discounted trading levels of the preferred units and because the preferred holders have received less than the original promise of the securities. As a result, we lowered our rating on SMLP to 'SD' (selective default) from 'CC'. We also lowered our rating on SMLP's series A preferred units to 'D' from 'C'. The downgrade on SMLP's preferred units follows the close of the series A preferred unit exchange. The exchange offered preferred holders the opportunity to
