Over 95% of master limited partnership (MLP) Summit Midstream Partners L.P.'s gross margin is fee-based; Large percentage of cash flows further supported by long-term minimum volume commitments; and Improving asset diversity. Forecasted adjusted debt leverage of about 4.5x; Distribution coverage of about 1.1x; and Significant deferred payment due March 2020. The stable outlook on The Woodlands, Texas-based Summit Midstream Partners LP reflects S&P Global Ratings' expectation for adequate liquidity and adjusted debt to EBITDA in the 4.5x to 5.0x area in the long-term. If the deferred payment obligation is completely financed with debt, this would lead to adjusted debt leverage in the 5.5x to 6.0x range for 2017. We could consider lower ratings if volumes materially decline or if the
