On July 31, 2020, Summit Midstream Partners L.P. (SMLP) closed its preferred unit exchange. Approximately $62.8 million of notional preferred units have been tendered, and holders will receive 200 common units for each preferred unit. S&P Global Ratings considers 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 are affirming our 'SD' (selective default) issuer credit rating on SMLP. We are lowering 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
