EnLink will maintain a distribution coverage ratio above 1.3x while targeting annual distribution growth. EnLink's cash flows are largely fee-based, although this is partially offset by potential volumetric risk. Consolidating the debt at GIP Stetson along with EnLink results in adjusted debt to EBITDA in the mid-5x range. GIP Stetson's stable outlook reflects our expectation that the company will maintain adequate liquidity and stand-alone adjusted debt leverage in the 3x-4x range and consolidated adjusted debt leverage (including EnLink) in the mid- to upper-5x area over the next 12 months. The stable outlook also reflects our belief that EnLink will maintain a distribution coverage ratio of more than 1.3x. We could lower the rating on GIP Stetson if we lower our
