Summit Midstream Partners L.P. Rating Raised To 'CCC' From 'SD'; Outlook Negative - S&P Global Ratings’ Credit Research

Summit Midstream Partners L.P. Rating Raised To 'CCC' From 'SD'; Outlook Negative

Summit Midstream Partners L.P. Rating Raised To 'CCC' From 'SD'; Outlook Negative - S&P Global Ratings’ Credit Research
Summit Midstream Partners L.P. Rating Raised To 'CCC' From 'SD'; Outlook Negative
Published Aug 05, 2020
4 pages (1841 words) — Published Aug 05, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Summit Midstream Partners L.P. (SMLP) has completed its distressed preferred equity exchange and senior unsecured distressed debt repurchases. As a result, we are raising our issuer credit rating on SMLP to 'CCC' from 'SD'. The outlook is negative. We are raising our issue-level rating on Summit Midstream Holdings LLC's senior unsecured debt to 'CCC' from 'D', reflecting our '4' recovery rating. The '4' recovery rating reflects our expectation of average (30%-50%; rounded estimate: 30%) recovery in the event of a default. We are also raising our rating on SMLP's preferred stock to 'C' from 'D', two notches below our issuer credit rating on SMLP to reflect its subordination within the capital structure, and one additional notch for deferability. We are

  
Brief Excerpt:

...August 5, 2020 - Summit Midstream Partners L.P. (SMLP) has completed its distressed preferred equity exchange and senior unsecured distressed debt repurchases. - As a result, we are raising our issuer credit rating on SMLP to '###' from '##'. The outlook is negative. - We are raising our issue-level rating on Summit Midstream Holdings LLC's senior unsecured debt to '###' from 'D', reflecting our '4' recovery rating. The '4' recovery rating reflects our expectation of average (30%-50%; rounded estimate: 30%) recovery in the event of a default. - We are also raising our rating on SMLP's preferred stock to 'C' from 'D', two notches below our issuer credit rating on SMLP to reflect its subordination within the capital structure, and one additional notch for deferability. - We are affirming our '###' issuer credit rating on Summit Midstream Partners Holdings LLC (SMP Holdings). The outlook is negative. - SMP Holdings' senior secured debt issue-level rating remains at '##', reflecting our '6'...

  
Report Type:

Ratings Action

Issuer
Summit Midstream Partners L.P.
GICS
Oil & Gas Storage & Transportation (10102040)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Summit Midstream Partners L.P. Rating Raised To 'CCC' From 'SD'; Outlook Negative" Aug 05, 2020. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summit-Midstream-Partners-L-P-Rating-Raised-To-CCC-From-SD-Outlook-Negative-2491120>
  
APA:
S&P Global Ratings’ Credit Research. (). Summit Midstream Partners L.P. Rating Raised To 'CCC' From 'SD'; Outlook Negative Aug 05, 2020. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summit-Midstream-Partners-L-P-Rating-Raised-To-CCC-From-SD-Outlook-Negative-2491120>
  
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