More than 90% of master limited partnership (MLP) Summit Midstream Partners L.P.'s revenues are fee-based, and are further supported by long-term minimum volume commitments Improving asset and geographic diversity Less than 10% of cash flow comes from crude oil areas Aggressive growth strategy due to majority ownership by financial sponsor, Energy Capital Partners Projected leverage of about 4x Distribution coverage of about 1.1x in 2015 The stable outlook reflects our expectation of adequate liquidity and adjusted debt to EBITDA of about 4x. We expect increased scale and scope due to additional asset drop-downs from the parent company. We could lower the rating if financial performance deteriorates such that the partnership sustains adjusted debt to EBITDA above 4.5x. We could also
