...April 10, 2024 - On March 22, 2024, Summit Midstream Partners L.P. (SMLP) completed the sale of its Utica position to a subsidiary of MPLX L.P. (MPLX) for approximately $625 million. This includes its approximately 36% interest in Ohio Gathering Co. LLC (OGC), 38% interest in Ohio Condensate Co. LLC (OCC), and wholly owned Utica assets. The partnership used net proceeds to repay its outstanding revolver credit facility due 2026. At close, the revolver is undrawn. - As a result, we affirmed our 'B' issuer credit rating on SMLP and our '##-' issue-level rating on Summit Midstream Holdings LLC and Summit Midstream Finance Corp.'s second-priority senior secured notes. The recovery rating on this debt remains '1'. - At the same time, we affirmed our 'B-' issue-level rating on SMLP's senior unsecured notes. The recovery rating on this debt remains '5'. Our 'D' issue-level rating on SMLP's preferred stock is unchanged because we continue to view the ongoing distribution deferral as a default on...
