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S&P ups Antero Midstream
S&P said it raised its ratings on Antero Midstream Partners LP and its senior unsecured debt to BB from BB-. The 3 recovery rating is unchanged.
The upgrade reflects the upgrade of primary counterparty Antero Resources Corp. to BB from BB- and Antero Midstream keeping leverage below 4x. “AM derives nearly 100% of revenues from AR, and the two entities are inherently linked. We upgraded AR due to its much-improved financial results, supported by stronger natural gas and natural gas liquids (NGL) prices and debt repayment,” S&P said in a press release.
The outlook is stable.
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