On Dec. 29, 2020, Summit Midstream Partners L.P. (SMLP) closed its preferred unit cash tender offer, under which approximately $75.075 million of notional series A preferred units have been tendered and accepted by SMLP. SMLP provided the unitholders with $333.00 for each preferred unit. We consider this to be a distressed transaction based on the discounted trading levels of the preferred units and because the unitholders received less than they were originally promised under the securities. Therefore, we are affirming our 'SD' (selective default) issuer credit rating on SMLP. At the same time, we are lowering our rating on the company's series A preferred units to 'D' from 'C'. We lowered our issue-level rating SMLP's preferred units to 'D' following
