On June 18, Summit Midstream Partners LP (SMLP) announced it repurchased approximately $90 million of its 2022 senior unsecured notes and 2025 senior unsecured notes for approximately $50 million in cash. S&P Global Ratings considers this a distressed transaction because of the discounted trading levels and noteholders receiving less than the original promise of the securities. As a result, we are lowering the issuer credit rating on SMLP to 'SD' (selective default) from 'CCC'. We are also lowering our issue-level rating on Summit Midstream Holdings LLC's senior unsecured debt to 'D' from 'CCC-'. We are affirming our 'C' rating on SMLP's preferred stock and placing it on CreditWatch with negative implications to highlight potential additional ratings pressure if the preferred
