We have completed our review of U.S. midstream master limited partnership Summit Midstream Partners L.P. (SMLP) and Summit Midstream Partners Holdings LLC (SMP Holdings) following SMLP's announcement of a simplification transaction with its general partner, Summit Midstream GP LLC. The transaction converts the general partner's approximate 2% economic interest and incentive distribution rights in SMLP into 8.75 million common units and a noneconomic general partner interest in SMLP. We are affirming our 'BB-' issuer credit rating and 'B-' preferred stock rating on SMLP. We are also affirming our 'BB-' issue-level rating on Summit Midstream Holdings LLC's senior unsecured notes. The '4' recovery rating on the notes remains unchanged. At the same time, we are affirming our 'B-' issuer credit rating
