Over 95% of master limited partnership (MLP) Summit Midstream Partners L.P.'s (SMLP) gross margin is fee-based; Large percentage of volumes backed by long-term minimum volume commitments; and Diversified across multiple basins. Forecast adjusted debt to EBITDA in the 4.5x-5x range; Weak distribution coverage ratio of approximately 1x; and Deferred payment obligation due April 2020. The stable outlook on The Woodlands, Texas-based Summit Midstream Partners L.P. reflects S&P Global Ratings' expectation for adequate liquidity and 2018 EBITDA that is relatively flat compared with 2017. Minimum volume commitments support a large portion of volumes, resulting in adjusted debt to EBITDA in the 4.75x-5x range in 2018, improving to about 4.5x in the long term. We forecast distribution coverage to be approximately 1x
