Limited track record Improving asset and geographic diversity Over 90% of 2014 revenues is fee-based, further supported by long-term minimum volume commitments Majority ownership by financial sponsors, Energy Capital Partners and GE Energy Financial Services Projected leverage of about 4x Aggressive growth strategy Distribution coverage above 1.1x The stable outlook reflects our expectation of adequate liquidity and adjusted debt to EBITDA of about 4x in 2014. We expect management to continue to grow the business by means of asset drop-downs from parent company, Summit Midstream Partners Holdings LLC. We could lower the rating if financial performance deteriorates such that the partnership sustains adjusted debt to EBITDA above 4.5x. We could also lower the rating if liquidity becomes constrained due to
